Common use of SUB-CUSTODIANS Clause in Contracts

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks Global Services, Via Mat International and Group 4 Security Limited. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion Physical Gold until transported to the relevant Custodian’s London vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of BullionPhysical Gold, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this AgreementIn selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodians that Custodian can reasonably be expected to operate in a reasonable and prudent manner and in compliance with the Custodian uses are: Brinks Global ServicesRules and all other relevant laws, Via Mat International rules and Group 4 Security Limitedregulations applicable to its services as a sub-custodian of Gold. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a LBMA member.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion Physical Platinum until transported to the relevant Custodian’s London vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of BullionPhysical Platinum, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this AgreementIn selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodians that Custodian can reasonably be expected to operate in a reasonable and prudent manner and in compliance with the Custodian uses are: Brinks Global ServicesRules and all other relevant laws, Via Mat International rules and Group 4 Security Limitedregulations applicable to its services as a sub-custodian of Platinum. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a LPPM member.

SUB-CUSTODIANS. With the exception of the Zurich Sub CustodianSub-Custodians, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks (i) in London only for all Bullion, Barclays Bank plc, The Bank of Nova Scotia (ScotiaMocatta), HSBC Bank USA, N.A. and Deutsche Bank AG; (ii) in London and Zurich for all Bullion, Union Bank of Switzerland (UBS), Brink’s Global Services, Services Inc. and Via Mat International International; and Group 4 Security Limited(iii) in Zurich only for platinum and palladium only, Credit Suisse. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shallwhich, shall for the avoidance of doubt, be governed by clause Section 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such subSub-custodians Custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks Global Services, Via Mat International and Group 4 Security Limited. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian and the Sponsor for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion Physical Gold until transported to the relevant Custodian’s vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of BullionPhysical Gold, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this AgreementIn selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodians that Custodian can reasonably be expected to operate in a reasonable and prudent manner and in compliance with the Custodian uses are: Brinks Global ServicesRules and all other relevant laws, Via Mat International rules and Group 4 Security Limitedregulations applicable to its services as a sub-custodian of Gold. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a LBMA member, except for Bank of England.

SUB-CUSTODIANS. With the exception of the Zurich Sub CustodianSub-Custodians, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Bank of England, Barclays, Brinks Global Services, Credit Suisse, Deutsche Bank, HSBC, Scotia Mocatta, UBS and Via Mat International and Group 4 Security LimitedInternational. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub CustodianSub-Custodians, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks (i) in London only for all Bullion, Barclays Bank plc, The Bank of Nova Scotia (ScotiaMocatta), HSBC Bank USA, N.A. and Deutsche Bank AG; (ii) in London only for gold only, The Bank of England; (iii) in London and Zurich for all Bullion, Union Bank of Switzerland (UBS), Brink’s Global Services, Services Inc. and Via Mat International International; and Group 4 Security Limited(iv) in Zurich only for platinum and palladium only, Credit Suisse. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.