Common use of Deposit of Gold Clause in Contracts

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "Purchase Order") no later than 4:00 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Price. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "Basket Gold Amount" is 5,000 Fine Ounces. After the initial deposit, the "Basket Gold Amount" shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets Baskets, or as permitted under Sections 4.7(d) and 5.8, and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have shall be that Business Day as the Day. The Order Date. Date for Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, will have as their Order Date shall be the next Business Day on which COMEX announces a COMEX Relevant PriceDay. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures, another LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered by credit to the Custodian on an Trust Unallocated BasisAccount. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Account, and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 [_____] Fine OuncesOunces of gold. After the initial depositdeposit of gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold gold equal to (i) the result obtained by dividing excess of (a) the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold total number of Fine Ounces of gold held by in the Trust as of the opening of business on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying Business Day over (xb) the Net Asset Value per Share determined number of such Fine Ounces of gold equal in compliance with Section 4.3, value to the Trust’s unpaid expense accrual as of such opening divided by (yii) the quotient of (c) the number of Shares which constitute outstanding as of such opening divided by (d) 50,000 (or other number of Shares in a Basket on the date on which the determination is being madefor such Business Day). Fractions of a Fine Ounce of Gold gold included in the Basket Gold Amount smaller than .001 0.001 Fine Ounce Ounces shall be disregarded. The Sponsor intends to shall publish, or may shall designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property (other than the Reserve Account or money held for distribution to Delivery Applicants under Section 2.6(b)) includes money or any property other than Goldgold, no deposits of Gold gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust other than gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine. (e) Pursuant to the Trust Unallocated Account Agreement, the Custodian agrees to use reasonable efforts to minimize the amount of gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of physical gold to the Trust such that no more than 430 Fine Ounces of Unallocated Gold are held for the Trust at the end of each Business Day.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "Purchase Order") no later than 4:00 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Price. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "Basket Gold Amount" is 5,000 Fine Ounces. After the initial deposit, the "Basket Gold Amount" shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets Baskets, and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant the Benchmark Price is announced will have shall be that Business Day as the Order DateDay. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does the Benchmark Price is not announce a COMEX Relevant Priceannounced, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricenot be accepted. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures, another LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered by credit to the Custodian on an Trust Unallocated BasisAccount. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Account, and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all Persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 Fine 1,000 Ounces. After the initial depositdeposit of gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold gold equal to (i) the result obtained by dividing excess of (a) the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold total number of Ounces held by in the Trust as of the opening of business on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying Business Day over (xb) the Net Asset Value per Share determined number of such Ounces equal in compliance with Section 4.3, value to the Trust’s unpaid expense accrual as of such opening divided by (yii) the quotient of (c) the number of Shares which constitute outstanding as of such opening divided by (d) 10,000 (or other number of Shares in a Basket on the date on which the determination is being madefor such Business Day). Fractions of a Fine an Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce 0.001 Ounces shall be disregarded. The Sponsor intends to shall publish, or may shall designate other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property (other than the Reserve Account) includes money or any property other than Goldgold, no deposits of Gold gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust other than gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine. (e) Pursuant to the Trust Unallocated Account Agreement, the Custodian agrees to use reasonable efforts to minimize the amount of gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of physical gold to the Trust such that no more than 430 Ounces of Unallocated Gold are held for the Trust at the end of each Business Day.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreementthe Procedures, to the extent those procedures Procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant the Benchmark Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does the Benchmark Price is not announce a COMEX Relevant Priceannounced, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricethe Benchmark Price is announced. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in by credit to the form of Gold bars Trust Unallocated Account only, except that an amount of with any Gold not exceeding 430 Ounces may be Delivered to the loco London Trust Unallocated Account to be transferred by the Custodian on an to the loco Singapore Trust Unallocated BasisAccount in accordance with the Trust Unallocated Account Agreement. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and the Trustee’s determination of the Basket Gold Amount and resolution of questions concerning the composition of such Basket Gold Amount shall be final and binding on all persons interested in the Trust. The initial "“Basket Gold Amount" ” is 5,000 Fine OuncesOunces of Gold. After the initial deposit, the "“Basket Gold Amount" ” for each Business Day shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) subtracting the number of Shares which constitute a Basket on Ounces of Gold constituting the date on which unpaid expense accrual from the determination is being madetotal Ounces of Gold in the Trust and then dividing by the number of Baskets outstanding. Fractions of a Fine an Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine 0.001 Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require Pursuant to the Unallocated Account Agreement, the Custodian agrees to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold Gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust other than Gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the The issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order") no later than 4:00 p.m. (New York time”) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Valuation Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX no Valuation Relevant PricePrice is announced, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricenot be accepted. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "“Basket Gold Amount" is 5,000 Fine Ounces. After the initial deposit, the "Basket Gold Amount" ” shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 14.1. For purposes of this computation, "“Net Asset Value per Basket" ” is the result obtaining obtained by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and including, if so agreed to by the Custodian must allocate ownership of gold bars Custodian, by allocating from time to time to the Trust such that no one or more than 430 Fine Ounces Gold bars with an aggregate weight in excess of Gold are held on an Unallocated Basis for the amount owned by the Trust at (in which case, such Gold bar or bars will be co-owned with the end Custodian to the extent of each business day of the Custodiansuch excess). Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent not inconsistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order") no later than 4:00 p.m. (New York time”) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does will not announce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricebe accepted. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. The Sponsor, the Trustee and Trust shall have no liability for any loss of Gold occurring prior to the Delivery of the Basket Gold Amount to the Custodian. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "“Basket Gold Amount" is 5,000 Fine Ounces. After the initial deposit, the "Basket Gold Amount" ” shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 14.1. For purposes of this computation, "“Net Asset Value per Basket" ” is the result obtaining obtained by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the The issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order") no later than 4:00 p.m. (New York time”) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Valuation Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX no Valuation Relevant PricePrice is announced, will have as their Order Date the next Business Day on which COMEX announces a COMEX the Valuation Relevant PricePrice is announced. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "“Basket Gold Amount" is ” was 5,000 Fine Ounces. After the initial deposit, the "“Basket Gold Amount" ” shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 14.1. For purposes of this computation, "“Net Asset Value per Basket" ” is the result obtaining obtained by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and including, if so agreed to by the Custodian must allocate ownership of gold bars Custodian, by allocating from time to time to the Trust such that no one or more than 430 Fine Ounces Gold bars with an aggregate weight in excess of Gold are held on an Unallocated Basis for the amount owned by the Trust at (in which case, such Gold bar or bars will be co-owned with the end Custodian to the extent of each business day of the Custodiansuch excess). Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreementthe Procedures, to the extent those procedures Procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant the Benchmark Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does the Benchmark Price is not announce a COMEX Relevant Priceannounced, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricethe Benchmark Price is announced. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in by credit to the form of Gold bars Trust Unallocated Account only, except that an amount of with any Gold not exceeding 430 Ounces may be Delivered to the loco London Trust Unallocated Account to be transferred by the Custodian on an to the loco Zurich Trust Unallocated BasisAccount in accordance with the Trust Unallocated Account Agreement. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and the Trustee’s determination of the Basket Gold Amount and resolution of questions concerning the composition of such Basket Gold Amount shall be final and binding on all persons interested in the Trust. The initial "“Basket Gold Amount" ” is 5,000 Fine OuncesOunces of Gold. After the initial deposit, the "“Basket Gold Amount" ” for each Business Day shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) subtracting the number of Shares which constitute a Basket on Ounces of Gold constituting the date on which unpaid expense accrual from the determination is being madetotal Ounces of Gold in the Trust and then dividing by the number of Baskets outstanding. Fractions of a Fine an Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine 0.001 Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require Pursuant to the Unallocated Account Agreement, the Custodian agrees to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold Gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust other than Gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets Baskets, or as permitted under Sections 4.7(d) and 5.8, and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have shall be that Business Day as the Day. The Order Date. Date for Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, will have as their Order Date shall be the next Business Day on which COMEX announces a COMEX Relevant PriceDay. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures, another LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered by credit to the Custodian on an Trust Unallocated BasisAccount. The Authorized Participant shall bear all risk of any loss until the Gold is credited to the Trust Unallocated Account, and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 _____ Fine OuncesOunces of Gold. After the initial depositdeposit of Gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold equal to (i) the result obtained by dividing excess of (a) the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate total number of Fine Ounces of Gold held by in the Trust as of the opening of business on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying Business Day over (xb) the Net Asset Value per Share determined number of such Fine Ounces of Gold equal in compliance with Section 4.3, value to the Trust’s unpaid expense accrual as of such opening divided by (yii) the quotient of (c) the number of Shares which constitute outstanding as of such opening divided by (d) 100,000 (or other number of Shares in a Basket on the date on which the determination is being madefor such Business Day). Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 0.001 Fine Ounce shall be disregarded. The Sponsor intends to shall publish, or may shall designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property (other than the Reserve Account) includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Cash and any assets of the Trust other than Gold shall be held by the Trustee at such place and in such manner as the Trustee shall require determine. (e) Pursuant to the Trust Unallocated Account Agreement, the Custodian agrees to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold Gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determineBusiness Day.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreementthe Procedures, to the extent those procedures Procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant the Benchmark Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does the Benchmark Price is not announce a COMEX Relevant Priceannounced, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricethe Benchmark Price is announced. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered by credit to the Custodian on an Trust Unallocated BasisAccount only. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "“Basket Gold Amount" ” is 5,000 Fine OuncesOunces of Gold. After the initial deposit, the "“Basket Gold Amount" ” for each Business Day shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) subtracting the number of Shares which constitute a Basket on Ounces of Gold constituting the date on which unpaid expense accrual from the determination is being madetotal Ounces of Gold in the Trust and then dividing by the number of Baskets outstanding. Fractions of a Fine an Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine 0.001 Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require Pursuant to the Unallocated Account Agreement, Custodian agrees to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold Gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent not inconsistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order") no later than 4:00 p.m. (New York time”) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does will not announce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricebe accepted. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. The Sponsor, the Trustee and Trust shall have no liability for any loss of Gold occurring prior to the Delivery of the Basket Gold Amount to the Custodian. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "“Basket Gold Amount" is 5,000 Fine Ounces. After the initial deposit, the "Basket Gold Amount" ” shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 14.1. For purposes of this computation, "“Net Asset Value per Basket" ” is the result obtaining obtained by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.multiplying

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the The issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order") no later than 4:00 p.m. (New York time”) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Valuation Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX no Valuation Relevant PricePrice is announced, will have as their Order Date the next Business Day on which COMEX announces a COMEX the Valuation Relevant PricePrice is announced. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "“Basket Gold Amount" is ” was 5,000 Fine Ounces. After the initial deposit, the "“Basket Gold Amount" ” shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 14.1. For purposes of this computation, "“Net Asset Value per Basket" ” is the result obtaining obtained by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and including, if so agreed to by the Custodian must allocate ownership of gold bars Custodian, by allocating from time to time to the Trust such that no one or more than 430 Fine Ounces Gold bars with an aggregate weight in excess of Gold are held on an Unallocated Basis for the amount owned by the Trust at (in which case, such Gold bar or bars will be co-owned with the end Custodian to the extent of each business day of the Custodiansuch excess). Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets Baskets, or as permitted under Sections 4.7(d) and 5.8, and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have shall be that Business Day as the Day. The Order Date. Date for Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, will have as their Order Date shall be the next Business Day on which COMEX announces a COMEX Relevant PriceDay. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures, another LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered by credit to the Custodian on an Trust Unallocated BasisAccount. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Account, and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 500 Fine OuncesOunces of gold. After the initial depositdeposit of gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold gold equal to (i) the result obtained by dividing excess of (a) the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold total number of Fine Ounces of gold held by in the Trust as of the opening of business on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying Business Day over (xb) the Net Asset Value per Share determined number of such Fine Ounces of gold equal in compliance with Section 4.3, value to the Trust’s unpaid expense accrual as of such opening divided by (yii) the quotient of (c) the number of Shares which constitute outstanding as of such opening divided by (d) 50,000 (or other number of Shares in a Basket on the date on which the determination is being madefor such Business Day). Fractions of a Fine Ounce of Gold gold included in the Basket Gold Amount smaller than .001 0.001 Fine Ounce Ounces shall be disregarded. The Sponsor intends to shall publish, or may shall designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property (other than the Reserve Account or money held for distribution to Delivery Applicants under Section 2.6(b)) includes money or any property other than Goldgold, no deposits of Gold gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust other than gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine. (e) Pursuant to the Trust Unallocated Account Agreement, the Custodian agrees to use reasonable efforts to minimize the amount of gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of physical gold to the Trust such that no more than 430 Fine Ounces of Unallocated Gold are held for the Trust at the end of each Business Day.

Deposit of Gold. (a) After the initial deposit of Gold gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets Baskets, and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant the Benchmark Price is announced will have shall be that Business Day as the Order DateDay. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does the Benchmark Price is not announce a COMEX Relevant Priceannounced, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricenot be accepted. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures, another LPMCL clearing member identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered by credit to the Custodian on an Trust Unallocated BasisAccount. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Account, and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all Persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 Fine 500 Ounces. After the initial depositdeposit of gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold gold equal to (i) the result obtained by dividing excess of (a) the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold total number of Ounces held by in the Trust as of the opening of business on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying Business Day over (xb) the Net Asset Value per Share determined number of such Ounces equal in compliance with Section 4.3, value to the Trust’s unpaid expense accrual as of such opening divided by (yii) the quotient of (c) the number of Shares which constitute outstanding as of such opening divided by (d) 50,000 (or other number of Shares in a Basket on the date on which the determination is being madefor such Business Day). Fractions of a Fine an Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce 0.001 Ounces shall be disregarded. The Sponsor intends to shall publish, or may shall designate other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property (other than the Reserve Account) includes money or any property other than Goldgold, no deposits of Gold gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust other than gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine. (e) Pursuant to the Trust Unallocated Account Agreement, the Custodian agrees to use reasonable efforts to minimize the amount of gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of physical gold to the Trust such that no more than 430 Ounces of Unallocated Gold are held for the Trust at the end of each Business Day.

Deposit of Gold. (a) After the initial deposit of Gold gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 p.m. (New York time) prior to the Order Cutoff Time on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have shall be that Business Day as the Day. A Purchase Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a any Business Day on which COMEX does not announce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Priceshall be cancelled. As consideration for each Basket acquired, an Authorized Participants Participant must deposit with the Custodian Custodian, in the time frame set forth under the Authorized Participant Procedures, the Basket Gold Amount Amount, as such amount is determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered delivered to the Custodian by credit to the Trust Unallocated Metal Account. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Metal Account, and none of the Trustee, the Sponsors (in the form case of Gold bars onlythe Custodial Sponsor, except that an amount of Gold not exceeding 430 Ounces may be Delivered to in its capacity as Custodial Sponsor) or the Custodian on an Unallocated BasisTrust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all Persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 500 Fine Ounces. After the initial depositdeposit of gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold gold equal to to: (a) minus (b) (c) divided by (d) (a) = the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold total number of Fine Ounces (including fractions thereof) held by in the Trust as of the opening of business on such date in compliance with Section 4.Business Day 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying (xb) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) = the number of Fine Ounces (including fractions thereof) equal in value to the Trust’s unpaid expense accrual as of the opening of business on such Business Day (c) = the total number of Shares which constitute outstanding as of the opening of business on such Business Day (d) = 50,000 (or other number of Shares in a Basket on the date on which the determination is being made. for such Business Day) Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 0.001 Fine Ounce Ounces shall be disregarded. The Custodial Sponsor intends to shall publish, or may shall designate the Administrative Sponsor or other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property (other than the Reserve Account) includes money or any property other than Goldgold, no deposits of Gold gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All gold deposited Gold with the Trust shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodianor a Subcustodian. Cash and any other assets of the Trust other than gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine. (e) Pursuant to and except as may be otherwise provided in the Custody Agreement, the Custodian agrees to allocate, or cause to be allocated, ownership of gold to the Trust Allocated Metal Account such that no amount of gold remains standing to the credit of the Trust Unallocated Metal Account by 10:00 p.m. Perth time on each Business Day. In the event that the Custodian is unable to fully effect such allocation by such time due to reasons outside of its or its Subcustodian’s control, it will use reasonable efforts to cause such allocation as soon as possible. In order to ensure that all gold deposited into the Trust is fully allocated into Physical Gold, the Trust may from time to time borrow no more than 430 Fine Ounces from the Custodian pursuant to the terms of the Custody Agreement, in order to ensure that the Trust is always fully allocated. Additionally, to the extent that, in connection with a Purchase Order, the Custodian is permitted to allocate Physical Gold to the Trust Allocated Metal Account in excess of the amount of gold deposited into the Trust Unallocated Metal Account for such Purchase Order pursuant to the Custody Agreement, the Trust may borrow an amount of Fine Ounces equal to the amount of the number of Fine Ounces in excess of the amount of gold deposited, with such borrowed amount of Fine Ounces to be recorded as a corresponding amount due to the Custodian in the Trust Unallocated Metal Account, in accordance with the Custody Agreement. Furthermore, to the extent that the Custodian is permitted to substitute other Physical Gold for Physical Gold held in the Trust Allocated Metal Account pursuant to the Custody Agreement and such substitution results in the total number of Fine Ounces of Physical Gold held in the Trust Allocated Metal Account exceeding the total number of Fine Ounces of Physical Gold held in the Trust Allocated Metal Account immediately prior to such substitution, the Trust may borrow an amount of Fine Ounces equal to the amount of the excess number of Fine Ounces resulting from such substitution, with such borrowed amount of Fine Ounces to be recorded as a corresponding amount due to the Custodian in the Trust Unallocated Metal Account, in accordance with the Custody Agreement.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent not inconsistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order") no later than 4:00 p.m. (New York time”) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Valuation Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX no Valuation Relevant PricePrice is announced, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricenot be accepted. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. The Sponsor, the Trustee and Trust shall have no liability for any loss of Gold occurring prior to the Delivery of the Basket Gold Amount to the Custodian. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "“Basket Gold Amount" is 5,000 Fine Ounces. After the initial deposit, the "Basket Gold Amount" ” shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 14.1. For purposes of this computation, "“Net Asset Value per Basket" ” is the result obtaining obtained by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the The issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a "“Purchase Order"”) no later than 4:00 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Price. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered to the Custodian on an Unallocated Basis. (b) The Trustee shall determine the Basket Gold Amount for each Business Day. The initial "“Basket Gold Amount" is ” was 5,000 Fine Ounces. After the initial deposit, the "“Basket Gold Amount" ” shall be an amount of Gold equal to the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold held by the Trust on such date in compliance with Section 4. 14.1. For purposes of this computation, "“Net Asset Value per Basket" ” is the result obtaining obtained by multiplying (x) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) the number of Shares which constitute a Basket on the date on which the determination is being made. Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce shall be disregarded. The Sponsor intends to publish, or may designate other persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.

Deposit of Gold. (a) After the initial deposit of Gold gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets Baskets, and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 3:59:59 p.m. (New York time) on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant the Benchmark Price is announced will have shall be that Business Day as the Order DateDay. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which COMEX does the Benchmark Price is not announce a COMEX Relevant Priceannounced, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricenot be accepted. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures, another LPMCL clearing member identified by the Authorized Participant to the Custodian and the Trustee, the Basket Gold Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered by credit to the Custodian on an Trust Unallocated BasisAccount. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Account, and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all Persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 Fine 1,000 Ounces. After the initial depositdeposit of gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold gold equal to (i) the result obtained by dividing excess of (a) the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold total number of Ounces held by in the Trust as of the opening of business on such date in compliance with Section 4. 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying Business Day over (xb) the Net Asset Value per Share determined number of such Ounces equal in compliance with Section 4.3, value to the Trust’s unpaid expense accrual as of such opening divided by (yii) the quotient of (c) the number of Shares which constitute outstanding as of such opening divided by (d) 10,000 (or other number of Shares in a Basket on the date on which the determination is being madefor such Business Day). Fractions of a Fine an Ounce of Gold included in the Basket Gold Amount smaller than .001 Fine Ounce 0.001 Ounces shall be disregarded. The Sponsor intends to shall publish, or may shall designate other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property (other than the Reserve Account) includes money or any property other than Goldgold, no deposits of Gold gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust other than gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine. (e) Pursuant to the Trust Unallocated Account Agreement, the Custodian agrees to use reasonable efforts to minimize the amount of gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of physical gold to the Trust such that no more than 430 Ounces of Unallocated Gold are held for the Trust at the end of each Business Day.

Deposit of Gold. (a) After the initial deposit of Gold in the Trust, the The issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 p.m. (New York time) prior to the Order Cutoff Time on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have shall be that Business Day as the Day. A Purchase Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a any Business Day on which COMEX does will not announce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Pricebe accepted. As consideration for each Basket acquired, an Authorized Participants Participant must deposit with the Custodian Custodian, in the time frame set forth under the Authorized Participant Procedures, the Basket Gold Amount Amount, as such amount is determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered delivered to the Custodian in the form of Gold bars only, except that an amount of Gold not exceeding 430 Ounces may be Delivered by credit to the Custodian on an Unallocated BasisAccount. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Unallocated Account, and none of the Trustee, the Sponsor or the Trust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all Persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 500 Fine Ounces. After the initial depositdeposit of gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold gold equal to to: (a) minus (b) (c) divided by (d) Where: (a) = the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold total number of Fine Ounces (including fractions thereof) held by in the Trust as of the opening of business on such date in compliance with Section 4.Business Day 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying (xb) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) = the number of Fine Ounces (including fractions thereof) equal in value to the Trust’s unpaid expense accrual as of the opening of business on such Business Day (c) = the total number of Shares which constitute outstanding as of the opening of business on such Business Day (d) = 25,000 (or other number of Shares in a Basket on the date on which the determination is being made. for such Business Day) Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 0.001 Fine Ounce Ounces shall be disregarded. The Sponsor intends to shall publish, or may shall designate other persons another Person to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property (other than the Reserve Account) includes money or any property other than Goldgold, no deposits of Gold gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All Gold deposited Gold with the Trust shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodianor a Subcustodian. Cash and any other assets of the Trust other than gold shall be held by the Trustee at such place and in such manner as the Trustee shall determine. (e) Pursuant to and except as may be otherwise provided in the Custody Agreement, (i) at the end of each London Business Day the Custodian shall allocate, or cause to be allocated, ownership of gold to the Allocated Account such that no amount of gold remains standing to the credit of the Unallocated Account at the close of such London Business Day and (ii), the Custodian shall use reasonable commercial efforts to minimize the amount of gold held for the Trust in the Unallocated Account at all times during each London Business Day. In order to ensure that all gold deposited into the Trust is fully allocated into Physical Gold, the Trust may from time to time borrow no more than 430 Fine Ounces from the Custodian pursuant to the terms of the Custody Agreement, in order to ensure that the Trust is always fully allocated. Additionally, to the extent that, in connection with a Purchase Order, the Custodian is permitted to allocate Physical Gold to the Allocated Account in excess of the amount of gold deposited into the Unallocated Account for such Purchase Order pursuant to the Custody Agreement, the Trust may borrow an amount of Fine Ounces equal to the amount of the number of Fine Ounces in excess of the amount of gold deposited, with such borrowed amount of Fine Ounces to be recorded as a corresponding amount due to the Custodian in the Unallocated Account, in accordance with the Custody Agreement. Furthermore, to the extent that the Custodian is permitted to substitute other Physical Gold for Physical Gold held in the Allocated Account pursuant to the Custody Agreement and such substitution results in the total number of Fine Ounces of Physical Gold held in the Allocated Account exceeding the total number of Fine Ounces of Physical Gold held in the Allocated Account immediately prior to such substitution, the Trust may borrow an amount of Fine Ounces equal to the amount of the excess number of Fine Ounces resulting from such substitution, with such borrowed amount of Fine Ounces to be recorded as a corresponding amount due to the Custodian in the Unallocated Account, in accordance with the Custody Agreement.

Deposit of Gold. (a) After the initial deposit of Gold gold in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable the Authorized Participant Agreement, Procedures (to the extent those procedures they are consistent not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order therefor with the Trustee (a "“Purchase Order"”) no later than 4:00 p.m. (New York time) prior to the Order Cutoff Time on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which a COMEX Relevant Price is announced will have shall be that Business Day as the Day. A Purchase Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a any Business Day on which COMEX does not announce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Priceshall be cancelled. As consideration for each Basket acquired, an Authorized Participants Participant must deposit with the Custodian Custodian, in the time frame set forth under the Authorized Participant Procedures, the Basket Gold Amount Amount, as such amount is determined by the Trustee on the Order Date of the corresponding Purchase Order. Gold must may only be Delivered delivered to the Custodian by credit to the Trust Unallocated Metal Account. The Authorized Participant shall bear all risk of any loss until the gold is credited to the Trust Unallocated Metal Account, and none of the Trustee, the Sponsors (in the form case of Gold bars onlythe Custodial Sponsor, except that an amount of Gold not exceeding 430 Ounces may be Delivered to in its capacity as Custodial Sponsor) or the Custodian on an Unallocated BasisTrust shall have any liability for any such loss. (b) The Trustee shall determine the Basket Gold Amount for each Business Day, and each such determination thereof and the Trustee’s resolution of questions concerning the composition of the Basket Gold Amount shall be final and binding on all Persons interested in the Trust. The initial "Basket Gold Amount" Amount is 5,000 500 Fine Ounces. After the initial depositdeposit of gold into the Trust, the "Basket Gold Amount" Amount for each Business Day shall be an amount of Gold gold equal to to: (a) minus (b) (c) divided by (d) (a) = the result obtained by dividing the Net Asset Value per Basket on the date on which the determination is being made by the price used by the Trustee to evaluate Gold total number of Fine Ounces (including fractions thereof) held by in the Trust as of the opening of business on such date in compliance with Section 4.Business Day 1. For purposes of this computation, "Net Asset Value per Basket" is the result obtaining by multiplying (xb) the Net Asset Value per Share determined in compliance with Section 4.3, by (y) = the number of Fine Ounces (including fractions thereof) equal in value to the Trust’s unpaid expense accrual as of the opening of business on such Business Day (c) = the total number of Shares which constitute outstanding as of the opening of business on such Business Day (d) = 50,000 (or other number of Shares in a Basket on the date on which the determination is being made. for such Business Day) Fractions of a Fine Ounce of Gold included in the Basket Gold Amount smaller than .001 0.001 Fine Ounce Ounces shall be disregarded. The Custodial Sponsor intends to shall publish, or may shall designate the Administrative Sponsor or other persons Persons to publish, for each Business Day, the Basket Gold Amount. (c) If the Trust Property includes money or any property other than Gold, no deposits of Gold will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. (d) All deposited Gold shall be owned by the Trust and held for the Trust by the Custodian. The Trustee shall require the Custodian to agree that the Custodian will use reasonable efforts to minimize the amount of Gold held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of gold bars to the Trust such that no more than 430 Fine Ounces of Gold are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any other assets of the Trust shall be held by the Trustee at such place and in such manner as the Trustee shall determine.