Common use of Redemption of iShares Clause in Contracts

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. d. Provided that by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: (i) the Authorized Participant has delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and (ii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee no later than 4:00 p.m. (New York time) on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a Benchmark Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which no Benchmark Price is announced, shall be considered received at the opening of business on the next Business Day on which a Benchmark Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “”a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and Redemption Agent’s acceptance indicating the Silver Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. Provided Unless otherwise agreed to by the Custodian, Silver will be Delivered by the Custodian in the form of Silver bars only; provided, that an amount of Silver not exceeding 1100 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Silver Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Silver to be Delivered to the Authorized Participant at each such location. e. Provided that by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement AgentTrustee’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received a per order transaction fee of US$2,000.00; (iii) the Authorized Participant has agreed to pay, or reimburse the Custodian or the Trust the amount of, any applicable taxes (including VAT) which is or becomes due in connection with the Delivery of Silver to the Authorized Participant; and (iiiv) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c”d” above, either: (A) Deliver to such Authorized Participant the corresponding amount of Silver which complies with the “Good Delivery” Rules of the LBMA or (B) credit the account(s) of account indicated by the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses ”i” to “iv” of paragraph ”e” above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Silver in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” aboveOrder, Settlement AgentTrustee’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares of a Trust shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. d. Provided that by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: (i) the Authorized Participant has delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and (ii) any other conditions to the redemption under the applicable Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee no later than 3:59:59 p.m. (New York time) on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a Benchmark Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which no Benchmark Price is announced, shall be considered received at the opening of business on the next Business Day on which a Benchmark Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred:occurred no later than 3:59:59 p.m. (New York time): (i) An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and Redemption Agent’s acceptance indicating the Silver Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. Provided Unless otherwise agreed to by the Custodian, Silver will be Delivered by the Custodian in the form of Silver bars only; provided, that an amount of Silver not exceeding 1100 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Silver Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Silver to be Delivered to the Authorized Participant at each such location. e. Provided that by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement AgentTrustee’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received a per order transaction fee of US$2,000.00; (iii) the Authorized Participant has agreed to pay, or reimburse the Custodian, the Trustee or the Trust the amount of, any applicable taxes (including VAT) which is or becomes due in connection with the Delivery of Silver to the Authorized Participant; and (iiiv) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” above, either: (A) Deliver to such Authorized Participant the corresponding amount of Silver which complies with the “Good Delivery” Rules of the LBMA or (B) credit the account(s) of account indicated by the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iv” of paragraph “e” above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Silver in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” aboveOrder, Settlement AgentTrustee’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee no later than 3:59:59 p.m. (New York time) on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a Benchmark Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which no Benchmark Price is announced, shall be considered received at the opening of business on the next Business Day on which a Benchmark Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “”a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred:occurred no later than 3:59:59 p.m. (New York time): (i) An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and Redemption Agent’s acceptance indicating the Silver Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. Provided Unless otherwise agreed to by the Custodian, Silver will be Delivered by the Custodian in the form of Silver bars only; provided, that an amount of Silver not exceeding 1100 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Silver Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Silver to be Delivered to the Authorized Participant at each such location. e. Provided that by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement AgentTrustee’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received a per order transaction fee of US$2,000.00; (iii) the Authorized Participant has agreed to pay, or reimburse the Custodian or the Trust the amount of, any applicable taxes (including VAT) which is or becomes due in connection with the Delivery of Silver to the Authorized Participant; and (iiiv) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c”d” above, either: (A) Deliver to such Authorized Participant the corresponding amount of Silver which complies with the “Good Delivery” Rules of the LBMA or (B) credit the account(s) of account indicated by the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses ”i” to “iv” of paragraph ”e” above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Silver in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” aboveOrder, Settlement AgentTrustee’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day shall (except as otherwise provided in Section 3.01(b)(ii)) will not be considered received at the opening of business on the next Business Day and shall have as their accepted. A new Redemption Order Date such next Business Daymay be submitted in accordance with these Procedures. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets, or entered a Redemption Order through the Trustee’s electronic order entry system, as such may be available and constituted from time to time (the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A). If the Authorized Participant wishes to settle a Redemption Order in a time frame other than the second Business Day following the Order Date (i.e., T + 2), such request must be made to the Trustee upon placement of the Redemption Order and must be approved by the Trustee in its sole discretion. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for of such Authorized Participant (which Redemption Order may be received after the Authorized Participant’s accountOrder Cut-Off Time if such telephone call was made prior to the Order Cut-Off Time). c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Gold Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. For Redemption AgentOrders submitted via the Trustee’s electronic order entry system that the Trustee elects to accept, the Authorized Participant will receive an automated electronic mail message indicating the acceptance of the Redemption OrderOrder and indicating the Basket Gold Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket, and the Redemption Order will be marked “Accepted” in the Trustee’s electronic order entry system. d. Provided Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Basket Gold Amount delivered, the Custodian, in consultation with the Trustee, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Representative of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. e. Provided that, by 10:00 a.m. (New York time) on the second Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing or by electronic communication to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement Agent’s Trustee's account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received the corresponding Transaction Fee; (iii) the Authorized Participant has agreed to pay, or reimburse the Custodian, the Trustee or the Trust for the amount of any applicable taxes (including VAT) which are or becomes due in connection with the Delivery of Gold to the Authorized Participant; and (iiiv) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” above: (A) Deliver to such Authorized Participant the corresponding amounts of Gold which complies with (1) the “Good Delivery” Rules of the LBMA, credit and/or (2) such other standards as the account(sCustodian and the Trustee, with the approval of the Sponsor, may have adopted; and, if applicable, (B) of Deliver Gold to the redeeming Authorized Participant specified by crediting the account indicated by the redeeming Authorized Participant in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iv” of paragraph “e” above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian's control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 10:00 a.m. (New York time) on the first Business second Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s the Trustee's account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) in response to market conditions or other circumstances that make transactions in or delivery of the iShares or the Index Futures impossible or impractical, (iii) Redemption Orders that the Trustee has determined would have adverse tax or other consequences to the Trust or to owners of iShares, or (iv) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or Trustee, the Creation and Redemption Agent or the Settlement Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. Prior to the transmission of the Creation and Redemption Agent’s confirmation of acceptance, a Redemption Order will only represent the Authorized Participant’s unilateral offer to redeem the iShares specified in such Redemption Order in exchange for the related Basket Constituents and will have no binding effect upon the Trust, the Trustee, the Creation and Redemption Agent or any other party. Upon the delivery of any such confirmation of acceptance of a Redemption Order in accordance with the foregoing, the Trust and the AP shall be bound thereby and each of the AP, the Trust, the Trustee and the Creation and Redemption Agent shall be bound by the terms of these Procedures, the Authorized Participant Agreement and the Trust Agreement applicable to it with respect to such Redemption Order. In connection with any Redemption Order, the Creation and Redemption Agent may require Authorized Participant to deposit into the Collateral Accounts by 6:00 p.m. (New York time) on such Business Day, the Delivery obligation specified in paragraph “d” below or Collateral in an amount sufficient to satisfy such Delivery obligations and any related reimbursement obligations, as determined in accordance with the Control Agreement. d. Provided that by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: (i) the Authorized Participant has delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and (ii) any other conditions to the redemption under the Trust Agreement have been satisfied, the applicable Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents Applicable Transaction Fee from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, (i) the Trustee may, or may cause the Settlement Agent may to, apply or liquidate any Collateral deposited into the Collateral Accounts pursuant to paragraph “c” above and/or apply the proceeds thereof to acquire iShares and apply them towards Authorized Participant’s Delivery obligations under paragraph “d” above and to reimburse the Trust for any related expenses or (ii) the Trustee may, or cause the Settlement Agent to, cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the applicable Custodian. g. In all other cases, Delivery must be completed by the Settlement Agent and applicable Custodian as soon as, in the reasonable judgment of the Settlement Agent, it is practicable.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee no later than 4:00 p.m. (New York time) on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a COMEX Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, shall be considered received at the opening of business on the next Business Day on which a COMEX Relevant Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “"a” " above, a Redemption Order shall be deemed “"received” " by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed "Accepted" by the Trustee and Redemption Agent’s acceptance indicating the Gold Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. Provided Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Gold Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. e. Provided that (1) a Redemption Order does not require Delivery by the Custodian of more than 500,000 Fine Ounces of Gold that, following such Delivery, will continue to be held at the Custodian, or more than 50,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, and (2) by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement Agent’s Trustee's account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received a per order transaction fee of US$2,000.00; and (iiiii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” "d" above, either: (A) effect physical Delivery to such Authorized Participant of the corresponding amounts of Gold which complies with (1) the "Good Delivery" Rules of the London Bullion Market Association, and/or (2) the specifications for delivery in settlement of a COMEX gold futures contract, and/or (3) such other standards as the Custodian and the Trustee, with the approval of the Sponsor, may have adopted; or (B) credit the account(s) of account indicated by the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. If a Redemption Order requires Delivery by the Custodian of between 50,000 and 100,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, the Custodian, following receipt of written confirmation from the Trustee as described in clauses "i" to "iii" of paragraph "e" above, will make such Delivery on the fourth Custodian Day following the Order Date of such Redemption Order. g. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses "i" to "iii" of paragraph "e" above. h. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian's control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. i. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” "e" above, Settlement Agent’s or on the fourth Custodian Day following the Order Date of a Redemption Order governed by paragraph "f" above, Trustee's account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian. ANNEX I TO CREATION AND REDEMPTION PROCEDURES PURCHASE ORDER Authorized Participant: ___________________________ Date: _______________________ PIN: ________________________ Number of fine ounces of gold to be delivered: ____________________ Location(s) where gold will be delivered: Number of Baskets to be Issued: _____________________ Additional information required for issuance of iShares: This Purchase Order is subject to the terms and conditions of the Depositary Trust Agreement of the iShares COMEX Gold Trust as currently in effect and the Authorized Participant Agreement among the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant. Date:_________________________ By:____________________________ Name: Title: ANNEX II TO CREATION AND REDEMPTION PROCEDURES REDEMPTION ORDER Authorized Participant: ___________________________ Date: _______________________ PIN: ________________________ Number of iShares to be redeemed: ______________________ Additional information required for delivery of the Trust Property: This Redemption Order is subject to the terms and conditions of the Depositary Trust Agreement of the iShares COMEX Gold Trust as currently in effect and the Authorized Participant Agreement among the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) in response to market conditions or other circumstances that make transactions in or delivery of the iShares or the Index Futures impossible or impractical, (iii) Redemption Orders that the Trustee has determined would have adverse tax or other consequences to the Trust, the Investing Pool or to owners of iShares, or (iv) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or Trustee, the Creation and Redemption Agent or the Settlement Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. d. Provided that by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: (i) the Authorized Participant has delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and (ii) any other conditions to the redemption under the Trust Agreement have been satisfied, the applicable Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents Applicable Transaction Fee from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the applicable Custodian. g. In all other cases, Delivery must be completed by the Settlement Agent and applicable Custodian as soon as, in the reasonable judgment of the Settlement Agent, it is practicable.

Redemption of iShares. Redemption of iShares of a Trust shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” “ above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. d. Provided that by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: (i) the Authorized Participant has delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and (ii) any other conditions to the redemption under the applicable Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” “ above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “d” “ above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee no later than 4:00 p.m. (New York time) on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a COMEX Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, shall be considered received at the opening of business on the next Business Day on which a COMEX Relevant Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and Redemption Agent’s acceptance indicating the Gold Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. Provided Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Gold Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. e. Provided that (1) a Redemption Order does not require Delivery by the Custodian of more than 500,000 Fine Ounces of Gold that, following such Delivery, will continue to be held at the Custodian, or more than 50,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, and (2) by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement AgentTrustee’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received a per order transaction fee of US$2,000.00; and (iiiii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” above, either: (A) effect physical Delivery to such Authorized Participant of the corresponding amounts of Gold which complies with (1) the “Good Delivery” Rules of the London Bullion Market Association, and/or (2) the specifications for delivery in settlement of a COMEX gold futures contract, and/or (3) such other standards as the Custodian and the Trustee, with the approval of the Sponsor, may have adopted; or (B) credit the account(s) of account indicated by the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. If a Redemption Order requires Delivery by the Custodian of between 50,000 and 100,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, the Custodian, following receipt of written confirmation from the Trustee as described in clauses “i” to “iii” of paragraph “e” above, will make such Delivery on the fourth Custodian Day following the Order Date of such Redemption Order. g. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iii” of paragraph “e” above. h. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. i. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “de” above, Settlement Agentor on the fourth Custodian Day following the Order Date of a Redemption Order governed by paragraph “f” above, Trustee’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall may place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Within one hour following such telephone call, the Creation and Redemption Agent shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including including, without limitation, (i) a Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders Order the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, of CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Clearing FCM), via facsimile or electronic mail message, no later than 7:00 [5]:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the corresponding Redemption Order endorsed “Accepted” by the Creation and Redemption Agent’s acceptance Agent and indicating the Basket Constituents to be Delivered to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. The Creation and Redemption Agent shall confirm via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Day following the Order Date of such Redemption Order the account(s) where Delivery of the Basket Constituents will be made. e. Provided that by 11:00 9:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order, the Creation and Redemption Agent shall have confirmed in writing to the Clearing FCM that: (i) the Authorized Participant has delivered to the Settlement AgentTrustee’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Creation and Redemption Agent has received a per order transaction fee of US$[ ], plus any expenses, taxes or charges (including stamp taxes or stock transfer taxes or fees) in connection with the Redemption Order (and, in the case of a Basket redeemed solely for cash, additional redemption costs determined by the Creation and Redemption Agent, including the costs to the Investing Pool of liquidating the corresponding CERF position); and (iiiii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent Trustee will, or will cause the Manager or the Clearing FCM to (as part of the redemption of the relevant Investing Pool Interests), as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” above, credit Deliver the applicable Basket Constituents to the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket ConstituentsClearing and Redemption Agent’s confirmation. Upon Having made such Delivery, the Settlement Manager or Clearing FCM will send written confirmation thereof to the Creation and Redemption Agent who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “de” above, Settlement AgentTrustee’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Creation and Redemption Agent may will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the CustodianClearing FCM. g. In all other cases, Delivery must be completed by the Manager or the Clearing FCM as soon as, in the reasonable judgment of the Manager or Clearing FCM, it is practicable following receipt of written confirmation from the Creation and Redemption Agent as described in clauses “i” to “iii” of paragraph “e” above.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee no later than 4:00 p.m. (New York time) on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a COMEX Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, shall be considered received at the opening of business on the next Business Day on which a COMEX Relevant Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and Redemption Agent’s acceptance indicating the Gold Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. Provided Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Gold Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. e. Provided that (1) a Redemption Order does not require Delivery by the Custodian of more than 500,000 Fine Ounces of Gold that, following such Delivery, will continue to be held at the Custodian, or more than 50,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, and (2) by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order:, the Trustee shall have confirmed in writing to the Custodian that: Table of Contents (i) the Authorized Participant has delivered Delivered to the Settlement AgentTrustee’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received a per order transaction fee of US$2,000.00; and (iiiii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” above, either: (A) effect physical Delivery to such Authorized Participant of the corresponding amounts of Gold which complies with (1) the “Good Delivery” Rules of the London Bullion Market Association, and/or (2) the specifications for delivery in settlement of a COMEX gold futures contract, and/or (3) such other standards as the Custodian and the Trustee, with the approval of the Sponsor, may have adopted; or (B) credit the account(s) of account indicated by the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. If a Redemption Order requires Delivery by the Custodian of between 50,000 and 100,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, the Custodian, following receipt of written confirmation from the Trustee as described in clauses “i” to “iii” of paragraph “e” above, will make such Delivery on the fourth Custodian Day following the Order Date of such Redemption Order. g. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iii” of paragraph “e” above. h. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. i. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “de” above, Settlement Agentor on the fourth Custodian Day following the Order Date of a Redemption Order governed by paragraph “f” above, Trustee’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.. Table of Contents

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) in response to market conditions or other circumstances that make transactions in or delivery of the iShares or the Index Futures impossible or impractical, (iii) Redemption Orders that the Trustee has determined would have adverse tax or other consequences to the Trust or to owners of iShares, or (iv) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or Trustee, the Creation and Redemption Agent or the Settlement Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. Prior to the transmission of the Creation and Redemption Agent’s confirmation of acceptance, a Redemption Order will only represent the Authorized Participant’s unilateral offer to redeem the iShares specified in such Redemption Order in exchange for the related Basket Constituents and will have no binding effect upon the Trust, the Trustee, the Creation and Redemption Agent or any other party. Upon the delivery of any such confirmation of acceptance of a Redemption Order in accordance with the foregoing, the Trust and the Authorized Participant shall be bound thereby and each of the Authorized Participant, the Trust, the Trustee and the Creation and Redemption Agent shall be bound by the terms of these Procedures, the Authorized Participant Agreement and the Trust Agreement applicable to it with respect to such Redemption Order. In connection with any Redemption Order, the Creation and Redemption Agent may require the Authorized Participant to deposit into the Collateral Accounts by 6:00 p.m. (New York time) on such Business Day, the Delivery obligation specified in paragraph “d” below or Collateral in an amount, as determined in accordance with the Control Agreement, sufficient to satisfy such Delivery obligations and any related reimbursement obligations. d. Provided that by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: (i) the Authorized Participant has delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and (ii) any other conditions to the redemption under the Trust Agreement have been satisfied, the applicable Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents Applicable Transaction Fee from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, (i) the Trustee may, or may cause the Settlement Agent may to, apply or liquidate any Collateral deposited into the Collateral Accounts pursuant to paragraph “c” above and/or apply the proceeds thereof to acquire iShares and apply them towards Authorized Participant’s Delivery obligations under paragraph “d” above and to reimburse the Trust for any related expenses or losses (including any losses arising from any change in value of the related Basket Constituents) or (ii) the Trustee may, or cause the Settlement Agent to, cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the applicable Custodian. g. In all other cases, Delivery must be completed by the Settlement Agent and applicable Custodian as soon as, in the reasonable judgment of the Settlement Agent, it is practicable.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a Benchmark Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business (except as otherwise provided in Section 3.01(b)(ii)), or on the next a Business Day and shall have as their on which no Benchmark Price is announced, will not be accepted. A new Redemption Order Date such next Business Daymay be submitted in accordance with these Procedures. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets, or entered a Redemption Order through the Trustee’s electronic order entry system, as such may be available and constituted from time to time (the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A). If the Authorized Participant wishes to settle a Redemption Order in a time frame other than the third Business Day following the Order Date (i.e., T + 3), such request must be made to the Trustee upon placement of the Redemption Order and must be approved by the Trustee in its sole discretion. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for of such Authorized Participant (which Redemption Order may be received after the Authorized Participant’s accountOrder Cut-Off Time if such telephone call was made prior to the Order Cut-Off Time). c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Silver Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. For Redemption AgentOrders submitted via the Trustee’s electronic order entry system which the Trustee elects to accept, the Authorized Participant will receive an automated electronic mail message indicating the acceptance of the Redemption OrderOrder and indicating the Basket Silver Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket, and the Redemption Order will be marked “Accepted” in the Trustee’s electronic order entry system. d. Provided Unless otherwise agreed to by the Custodian, Silver will be Delivered by the Custodian in the form of Silver bars only; provided, that an amount of Silver not exceeding 1100 Ounces may be Delivered by the Custodian on an Unallocated Basis. Unless otherwise agreed to by the Custodian, Silver will be delivered at a location of the Custodian or of any of its subcustodians The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Representative of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Silver to be Delivered to the Authorized Participant at each such location. e. Provided that by 10:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing or by electronic communication to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement Agent’s Trustee's account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received the corresponding Transaction Fee; (iii) the Authorized Participant has agreed to pay, or reimburse the Custodian, the Trustee or the Trust for the amount of, any applicable taxes (including VAT) which is or becomes due in connection with the Delivery of Silver to the Authorized Participant; and (iiiv) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” aboveabove (A) Deliver to such Authorized Participant the corresponding amount of Silver which complies with the “Good Delivery” Rules of the LBMA and, credit the account(sif applicable, (B) of Deliver Silver to the redeeming Authorized Participant specified by crediting the account indicated by the redeeming Authorized Participant in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iv” of paragraph “e” above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Silver in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian's control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 10:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” aboveOrder, Settlement Agent’s the Trustee's account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee no later than 4:00 p.m. (New York time) on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a COMEX Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, shall be considered received at the opening of business on the next Business Day on which a COMEX Relevant Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “"a” " above, a Redemption Order shall be deemed “"received” " by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trusteeiii) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed "Accepted" by the Trustee and Redemption Agent’s acceptance indicating the Gold Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. c. Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Gold Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Redemption Order. d. Provided that by Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. d. Provided that (1) a Redemption Order does not require Delivery by the Custodian of more than 500,000 Fine Ounces of Gold that, following such Delivery, will continue to be held at the Custodian, or more than 50,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, and (2) by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order:, the Trustee shall have confirmed in writing to the Custodian that (i) the Authorized Participant has delivered Delivered to the Settlement Agent’s Trustee's account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received a per order transaction fee of US$1,000.00; and (iiiii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “"c” " above, credit the account(s) effect physical Delivery to such Authorized Participant of the redeeming Authorized Participant specified corresponding amounts of Gold which complies with (1) the "Good Delivery" Rules of the London Bullion Market Association, and/or (2) the specifications for delivery in settlement of a COMEX gold futures contract, and/or (3) such confirmation other standards as the Custodian and the Trustee, with the applicable Basket Constituentsapproval of the Sponsor, may have adopted. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trusteeredeemed. e. In connection with any If a Redemption Order requires Delivery by the Custodian of between 50,000 and 100,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, the Custodian, following receipt of written confirmation from the Trustee as described in clauses "i" to "iii" of paragraph "d" above, will make such Delivery on the fourth Custodian Day following the Order Date of such Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses "i" to "iii" of paragraph "d" above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian's control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “"d” " above, Settlement Agent’s or on the fourth Custodian Day following the Order Date of a Redemption Order governed by paragraph "e" above, Trustee's account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian. ANNEX I TO CREATION AND REDEMPTION PROCEDURES --------------------------------------------- PURCHASE ORDER -------------- Authorized Participant: ______________________ Date: ____________________________ PIN: _________________________ Number of fine ounces of gold to be delivered: --------------------- Location(s) where gold will be delivered: Number of Baskets to be Issued: ------------------------ Additional information required for issuance of iShares: This Purchase Order is subject to the terms and conditions of the Depositary Trust Agreement of the iShares COMEX Gold Trust as currently in effect and the Authorized Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant. Date: By: -------------------------------- ---------------------------------- Name: Title: ANNEX II TO CREATION AND REDEMPTION PROCEDURES ---------------------------------------------- REDEMPTION ORDER ---------------- Authorized Participant: ______________________ Date: ____________________________ PIN: _________________________ Number of iShares to be redeemed: --------------------- Additional information required for delivery of the Trust Property: This Redemption Order is subject to the terms and conditions of the Depositary Trust Agreement of the iShares COMEX Gold Trust as currently in effect and the Authorized Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a Valuation Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business (except as otherwise provided in Section 3.01(b)(ii)), or on the next a Business Day and shall have as their on which the Valuation Relevant Price is not announced, will not be accepted. A new Redemption Order Date such next Business Daymay be submitted in accordance with these Procedures. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets, or entered a Redemption Order through the Trustee’s electronic order entry system, as such may be available and constituted from time to time (the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A). If the Authorized Participant wishes to settle a Redemption Order in a time frame other than the third Business Day following the Order Date (i.e., T + 3), such request must be made to the Trustee upon placement of the Redemption Order and must be approved by the Trustee in its sole discretion. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for of such Authorized Participant (which Redemption Order may be received after the Authorized Participant’s accountOrder Cut-Off Time if such telephone call was made prior to the Order Cut-Off Time). c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Gold Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. For Redemption AgentOrders submitted via the Trustee’s electronic order entry system that the Trustee elects to accept, the Authorized Participant will receive an automated electronic mail message indicating the acceptance of the Redemption OrderOrder and indicating the Basket Gold Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket, and the Redemption Order will be marked “Accepted” in the Trustee’s electronic order entry system. d. Provided Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Basket Gold Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Registered Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Representative of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. e. Provided that by 10:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing or by electronic communication to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement Agent’s Trustee's account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received the corresponding Transaction Fee; (iii) the Authorized Participant has agreed to pay, or reimburse the Custodian, the Trustee or the Trust for the amount of any applicable taxes (including VAT) which are or becomes due in connection with the Delivery of Gold to the Authorized Participant; and (iiiv) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” above: (A) Deliver to such Authorized Participant the corresponding amounts of Gold which complies with (1) the “Good Delivery” Rules of the LBMA, credit and/or (2) such other standards as the account(sCustodian and the Trustee, with the approval of the Sponsor, may have adopted; and, if applicable, (B) of Deliver Gold to the redeeming Authorized Participant specified by crediting the account indicated by the redeeming Authorized Participant in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iv” of paragraph “e” above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian's control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 10:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s the Trustee's account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) in response to market conditions or other circumstances that make transactions in or delivery of the iShares or the Index Futures impossible or impractical, (iii) Redemption Orders that the Trustee has determined would have adverse tax or other consequences to the Trust or to owners of iShares, or (iv) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or Trustee, the Creation and Redemption Agent or the Settlement Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. Prior to the transmission of the Creation and Redemption Agent’s confirmation of acceptance, a Redemption Order will only represent the Authorized Participant’s unilateral offer to redeem the iShares specified in such Redemption Order in exchange for the related Basket Constituents and will have no binding effect upon the Trust, the Trustee, the Creation and Redemption Agent or any other party. Upon the delivery of any such confirmation of acceptance of a Redemption Order in accordance with the foregoing, the Trust and the Authorized Participant shall be bound thereby and each of the Authorized Participant, the Trust, the Trustee and the Creation and Redemption Agent shall be bound by the terms of these Procedures, the Authorized Participant Agreement and the Trust Agreement applicable to it with respect to such Redemption Order. In connection with any Redemption Order, the Creation and Redemption Agent may require the Authorized Participant to deposit into the Collateral Accounts by 6:00 p.m. (New York time) on such Business Day, the Delivery obligation specified in paragraph “d” below or Collateral in an amount, as determined in accordance with the Control Agreement, sufficient to satisfy such Delivery obligations and any related reimbursement obligations. d. Provided that by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: (i) the Authorized Participant has delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and (ii) any other conditions to the redemption under the Trust Agreement have been satisfied, the applicable Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents Applicable Transaction Fee from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, (i) the Trustee may, or may cause the Settlement Agent may to, apply or liquidate any Collateral deposited into the Collateral Accounts pursuant to paragraph “c” above and/or apply the proceeds thereof to acquire iShares and apply them towards Authorized Participant’s Delivery obligations under paragraph “d” above and to reimburse the Trust for any related expenses or losses (including any losses arising from any change in value of the related Basket Constituents) or (ii) the Trustee may, or cause the Settlement Agent to, cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the applicable Custodian. g. In all other cases, Delivery must be completed by the Settlement Agent and applicable Custodian as soon as, in the reasonable judgment of the Settlement Agent, it is practicable.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent on any Business Day. Only Redemption Orders received by the Creation and Redemption Agent prior to the Order Cut-Off Time on a Business Day shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” “ above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Creation and Redemption Line informing the Creation and Redemption Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent shall have sent, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a Redemption Order for a specified number of Baskets has been received by the Creation and Redemption Agent from an Authorized Representative for the Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized Participant, via facsimile or electronic mail message, no later than 7:00 p.m. (New York time) on the same Business Day for such Redemption Order, a confirmation of the Creation and Redemption Agent’s acceptance of the Redemption Order. d. Provided that by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order: (i) the Authorized Participant has delivered to the Settlement Agent’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; and (ii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” “ above, credit the account(s) of the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituents. Upon such Delivery, the Settlement Agent will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participant. f. In the event that, by 11:00 a.m. (New York time) on the first Business Day following the Order Date of a Redemption Order governed by paragraph “d” “ above, Settlement Agent’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a Valuation Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which the Valuation Relevant Price is not announced, shall be considered received at the opening of business on the next Business Day on which a Valuation Relevant Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and Redemption Agent’s acceptance indicating the Gold Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. Provided Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Gold Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. e. Provided that by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement AgentTrustee’s account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received the corresponding Transaction Fee; and (iiiii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” above, credit either: (A) effect physical Delivery to such Authorized Participant of the account(scorresponding amounts of Gold which complies with (1) the “Good Delivery” Rules of the London Bullion Market Association, and/or (2) the specifications for delivery in settlement of a COMEX gold futures contract, and/or (3) such other standards as the Custodian and the Trustee, with the approval of the Sponsor, may have adopted; or (B) Deliver Gold to the redeeming Authorized Participant specified by crediting the account indicated by the redeeming Authorized Participant in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iii” of paragraph “e” above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agentthe Trustee’s account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a Valuation Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day shall be considered received at the opening of business (except as otherwise provided in Section 3.01(b)(ii)), or on the next a Business Day and shall have as their on which the Valuation Relevant Price is not announced, will not be accepted. A new Redemption Order Date such next Business Daymay be submitted in accordance with these Procedures. b. For purposes of paragraph “a” above, a Redemption Order shall be deemed “received” by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets, or entered a Redemption Order through the Trustee’s electronic order entry system, as such may be available and constituted from time to time (the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A). If the Authorized Participant wishes to settle a Redemption Order in a time frame other than the second Business Day following the Order Date (i.e., T + 2), such request must be made to the Trustee upon placement of the Redemption Order and must be approved by the Trustee in its sole discretion. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for of such Authorized Participant (which Redemption Order may be received after the Authorized Participant’s accountOrder Cut-Off Time if such telephone call was made prior to the Order Cut-Off Time). c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Gold Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. For Redemption AgentOrders submitted via the Trustee’s electronic order entry system that the Trustee elects to accept, the Authorized Participant will receive an automated electronic mail message indicating the acceptance of the Redemption OrderOrder and indicating the Basket Gold Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket, and the Redemption Order will be marked “Accepted” in the Trustee’s electronic order entry system. d. Provided Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Basket Gold Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Registered Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Representative of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. e. Provided that by 10:00 a.m. (New York time) on the second Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing or by electronic communication to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement Agent’s Trustee's account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received the corresponding Transaction Fee; (iii) the Authorized Participant has agreed to pay, or reimburse the Custodian, the Trustee or the Trust for the amount of any applicable taxes (including VAT) which are or becomes due in connection with the Delivery of Gold to the Authorized Participant; and (iiiv) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “cd” above: (A) Deliver to such Authorized Participant the corresponding amounts of Gold which complies with (1) the “Good Delivery” Rules of the LBMA, credit and/or (2) such other standards as the account(sCustodian and the Trustee, with the approval of the Sponsor, may have adopted; and, if applicable, (B) of Deliver Gold to the redeeming Authorized Participant specified by crediting the account indicated by the redeeming Authorized Participant in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses “i” to “iv” of paragraph “e” above. g. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian's control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. h. In the event that, by 11:00 10:00 a.m. (New York time) on the first Business second Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” above, Settlement Agent’s the Trustee's account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.

Redemption of iShares. Redemption of iShares shall take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Creation and Redemption Agent Trustee no later than 4:00 p.m. (New York time) on any Business Day. Only ; provided, however, that only Redemption Orders received by the Creation and Redemption Agent Trustee prior to the Order Cut-Off Time on a Business Day on which a COMEX Relevant Price is announced shall have such Business Day as the Order Date. Redemption Orders received by the Creation and Redemption Agent Trustee on or after the Order Cut-Off Time on any Business Day, or on a Business Day on which COMEX does not announce a COMEX Relevant Price, shall be considered received at the opening of business on the next Business Day on which a COMEX Relevant Price is announced and shall have as their Order Date such next Business Day. b. For purposes of paragraph “"a” " above, a Redemption Order shall be deemed “"received” " by the Creation and Redemption Agent Trustee only when each of the following has occurred: (i) An Authorized Representative shall have placed a telephone call to the Trustee's Creation and Redemption Line informing the Creation and Redemption Agent Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets. (ii) The Creation and Redemption Agent Within one hour following such telephone call, the Trustee shall have sentreceived, via facsimile or electronic mail message, an affirmation to the Authorized Participant that a duly completed, irrevocable Redemption Order for a specified number of Baskets has been received executed by the Creation and Redemption Agent from an Authorized Representative for the of such Authorized Participant’s account. c. The Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) shall have the absolute right to reject any Redemption Order, including without limitation, (i) Redemption Orders that the Creation and Redemption Agent has determined are not in proper form, (ii) Redemption Orders the acceptance of which would, in the opinion of counsel to the Sponsor, Should the Trustee or the Creation and Redemption Agent, result in a violation of law, or (ii) during any period in which circumstances make transactions in, or settlement or delivery of, CERFs impossible or impractical. Neither the Creation and Redemption Agent nor the Trustee shall be liable to any person for rejecting a Redemption Order. Should the Creation and Redemption Agent (acting on behalf of, and in consultation with, the Trustee) elect to accept such Redemption Order, it shall communicate its decision to the Authorized Participant by sending to the Authorized ParticipantParticipant (with copy to the Custodian), via facsimile or electronic mail message, no later than 7:00 5:00 p.m. (New York time) on the same Business Day Order Date for such Redemption Order, Order a confirmation copy of the Creation corresponding Redemption Order endorsed "Accepted" by the Trustee and Redemption Agent’s acceptance indicating the Gold Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of the Redemption Ordereach Basket being redeemed. d. Provided Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian in the form of Gold bars only; provided, that an amount of Gold not exceeding 430 Ounces may be Delivered by the Custodian on an Unallocated Basis. While a redeeming Authorized Participant will be entitled to express a preference as to the city or facility where it would like to have the Gold Basket Amount delivered, the Trustee, in consultation with the Custodian and taking into account the best interests of the Trust and the Owners, will have final authority to decide where such delivery will take place. The Custodian shall inform via electronic mail message or facsimile sent to an Authorized Person of the redeeming Authorized Participant no later than 11:00 a.m. (New York time) on the first Business Custodian Day following the Order Date of such Redemption Order the exact location(s) where Delivery will be made, and the amount of Gold to be Delivered to the Authorized Participant at each such location. e. Provided that (1) a Redemption Order does not require Delivery by the Custodian of more than 500,000 Fine Ounces of Gold that, following such Delivery, will continue to be held at the Custodian, or more than 50,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, and (2) by 9:00 a.m. (New York time) on the third Custodian Day following the Order Date of a Redemption Order, the Trustee shall have confirmed in writing to the Custodian that: (i) the Authorized Participant has delivered Delivered to the Settlement Agent’s Trustee's account at DTC the total number of iShares to be redeemed by such Authorized Participant pursuant to such Redemption Order; (ii) the Trustee has received a per order transaction fee of US$2,000.00; and (iiiii) any other conditions to the redemption under the Trust Agreement have been satisfied, the Custodian and Settlement Agent will, as applicable, on such day, at the locations and in the amounts specified in the communication sent in compliance with paragraph “c” "d" above, either: (A) effect physical Delivery to such Authorized Participant of the corresponding amounts of Gold which complies with (1) the "Good Delivery" Rules of the London Bullion Market Association, and/or (2) the specifications for delivery in settlement of a COMEX gold futures contract, and/or (3) such other standards as the Custodian and the Trustee, with the approval of the Sponsor, may have adopted; or (B) credit the account(s) of account indicated by the redeeming Authorized Participant specified in such confirmation with the applicable Basket Constituentsits Redemption Order. Upon Having made such Delivery, the Settlement Agent Custodian will send written confirmation thereof to the Trustee who will then cancel the iShares so redeemed on behalf of the Trustee. e. In connection with any Redemption Order, the Authorized Participant authorizes the Settlement Agent to deduct a transaction fee per Basket in the amount of US$6.50 multiplied by the number of CERFs included in the Basket Constituents from the applicable Basket Constituents credited to the applicable account of the redeeming Authorized Participantredeemed. f. If a Redemption Order requires Delivery by the Custodian of between 50,000 and 100,000 Fine Ounces of Gold that will not be held at the Custodian following such Delivery, the Custodian, following receipt of written confirmation from the Trustee as described in clauses "i" to "iii" of paragraph "e" above, will make such Delivery on the fourth Custodian Day following the Order Date of such Redemption Order. g. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Trustee as described in clauses "i" to "iii" of paragraph "e" above. h. The foregoing provisions notwithstanding, the Custodian shall not be liable for any failure or delay in making Delivery of Gold in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority or act of God, or a similar cause that is beyond the Custodian's control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. i. In the event that, by 11:00 9:00 a.m. (New York time) on the first Business third Custodian Day following the Order Date of a Redemption Order governed by paragraph “d” "e" above, Settlement Agent’s or on the fourth Custodian Day following the Order Date of a Redemption Order governed by paragraph "f" above, Trustee's account at DTC shall not have been credited with the total number of iShares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order, the Settlement Agent may Trustee will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the respective Authorized Participant and the Custodian.