Common use of Surrender of Shares and Withdrawal of Trust Property Clause in Contracts

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Bullion Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Bullion will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMALBMA- and LPPM-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold Bullion is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold Bullion represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Bullion other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Bullion from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Bullion will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold Bullion that may be smaller or larger than a Basket Gold Bullion Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold Bullion to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Silver Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 4:00 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Unless otherwise agreed to by the Custodian, Silver will be Delivered by the Custodian only by credit to an account of Custodian, at the Authorized Participant maintained location designated by the Custodian or, if otherwise expressly permitted (or by a sub-custodian designated by the ProceduresCustodian), other LBMA-member custodian identified in the form of Silver bars only, except that an amount of Silver not exceeding 1100 Ounces may be Delivered by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphlocation designated by the Custodian (or by a sub-custodian designated by the Custodian), to or to the order of the Surrendering Authorized Participant the amount of Gold Silver represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Silver other than by credit to an account of at the Authorized Participant maintained location designated by the Custodian on an Unallocated Basis (or by a sub-custodian designated by the Custodian) will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Silver from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Silver will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Platinum Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Platinum will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMALPPM-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold Platinum is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold Platinum represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Platinum other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Platinum from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Platinum will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold Platinum that may be smaller or larger than a Basket Gold Platinum Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold Platinum to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Silver Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Unless otherwise agreed to by the Custodian, Silver will be Delivered by the Custodian only by credit to an account of Custodian, at the Authorized Participant maintained location designated by the Custodian or, if otherwise expressly permitted (or by a sub-custodian designated by the ProceduresCustodian), other LBMA-member custodian identified in the form of Silver bars only, except that an amount of Silver not exceeding 1100 Ounces may be Delivered by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphlocation designated by the Custodian (or by a sub-custodian designated by the Custodian), to or to the order of the Surrendering Authorized Participant the amount of Gold Silver represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Silver other than by credit to an account of at the Authorized Participant maintained location designated by the Custodian on an Unallocated Basis (or by a sub-custodian designated by the Custodian) will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Silver from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Silver will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”") no later than 3:59:59 4:00 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a COMEX Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is COMEX does not announcedannounce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Price. Unless otherwise agreed to by the Benchmark Price is announced. Custodian, Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk will be entitled to express a preference as to the city 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 any loss from the time the Gold is paid from the Trust Unallocated Account and the Registered Owners, will have final authority to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian's office or at another location at which Trust Property is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”") no later than 3:59:59 4:00 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a COMEX Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is COMEX does not announcedannounce a COMEX Relevant Price, will have as their Order Date the next Business Day on which the Benchmark Price is announcedCOMEX announces a COMEX Relevant Price. Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk will be entitled to express a preference as to the city 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 any loss from the time the Gold is paid from the Trust Unallocated Account and the Registered Owners, will have final authority to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian's office or at another location at which Trust Property Gold is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold British Pound Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket British Pound Amounts any portion that represents the value of Trust Property that is not held as British Pounds. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day"). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The "Settlement Date" for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than British Pounds will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold British Pounds represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold British Pounds other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Beneficial Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a Valuation Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark no Valuation Relevant Price is not announced, will have as their Order Date not be accepted. Unless otherwise agreed to by the next Business Day on which the Benchmark Price is announced. Custodian, Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk will be entitled to express a preference as to the city 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 any loss from the time the Gold is paid from the Trust Unallocated Account and the Registered Owners, will have final authority to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian’s office or at another location at which Trust Property is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Palladium Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Palladium will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMALPPM-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold Palladium is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold Palladium represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Palladium other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Palladium from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Palladium will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold Palladium that may be smaller or larger than a Basket Gold Palladium Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold Palladium to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Chinese Renminbi Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Chinese Renminbi Amounts any portion that represents the value of Trust Property that is not held as Chinese Renminbi. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a Local Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Chinese Renminbi will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Chinese Renminbi represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Chinese Renminbi other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee fees and expenses of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and governmental charges and fees payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting or on authority of the Registered Beneficial Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent not inconsistent with this Agreement, and the practices of DTC, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business DayDay will not be accepted. Unless otherwise agreed to by the Custodian, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account will be entitled to express a preference as to the Authorized Participant and neither city where it would like to have the Trustee nor Basket Gold Amount delivered, the Trust shall Custodian, in consultation with the Trustee, will have any liability for any final authority to decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian’s office or at another location at which Trust Property is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of SharesBaskets. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Sponsor, the Trustee and Trust shall have no liability for any loss of Gold occurring after the Delivery of Gold by the Custodian to the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of may require that a Certificate evidencing Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide Surrendered for the sale purpose of Gold to pay cash proceeds upon the redemption withdrawal is properly endorsed in blank or accompanied by proper instruments of Sharestransfer in blank.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Beneficial Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Silver Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”") no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date not be accepted. Unless otherwise agreed to by the next Business Day on which the Benchmark Price is announced. Gold Custodian, Silver will be Delivered by the Custodian only by credit to an account of Custodian, at the Authorized Participant maintained location designated by the Custodian or, if otherwise expressly permitted (or by a sub-custodian designated by the ProceduresCustodian), other LBMA-member custodian identified in the form of Silver bars only, except that an amount of Silver not exceeding 1100 Ounces may be Delivered by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphlocation designated by the Custodian (or by a sub-custodian designated by the Custodian), to or to the order of the Surrendering Authorized Participant the amount of Gold Silver represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Silver other than by credit to an account of at the Authorized Participant maintained location designated by the Custodian on an Unallocated Basis (or by a sub-custodian designated by the Custodian) will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Silver from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Silver will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Japanese Yen Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Japanese Yen Amounts any portion that represents the value of Trust Property that is not held as Japanese Yen. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a Local Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Japanese Yen will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Japanese Yen represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Japanese Yen other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Swiss Franc Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Swiss Franc Amounts any portion that represents the value of Trust Property that is not held as Swiss Francs. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Swiss Francs will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Swiss Francs represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Swiss Francs other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets Creation Units for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such BasketsCreation Units, including the Basket Gold Creation Unit Amounts corresponding to such Baskets Creation Units on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets Creation Units must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 _____________ p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets Creation Units of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Metal Agent to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold metal represented by the Surrendered Baskets Creation Units of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets Creation Units of Shares. Any Delivery of Gold metal other than by credit to an account of the Authorized Participant maintained by the Custodian Metal Agent on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold metal from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold metal will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold metal that may be smaller or larger than a Basket Gold Creation Unit Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold metal to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Platinum Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Platinum will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, or other LBMALPPM-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold Platinum is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold Platinum represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Platinum other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Platinum from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Platinum will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold Platinum that may be smaller or larger than a Basket Gold Platinum Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold Platinum to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Swedish Krona Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Swedish Krona Amounts any portion that represents the value of Trust Property that is not held as Swedish Kronor. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Swedish Kronor will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Swedish Kronor represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Swedish Kronor other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Swedish Krona Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Swedish Krona Amounts any portion that represents the value of Trust Property that is not held as Swedish Kronor. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day"). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The "Settlement Date" for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Swedish Kronor will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Swedish Kronor represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Swedish Kronor other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender Shares may be redeemed only by Authorized Participants and in minimum blocks of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such [ ] or more Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one [ ] or more Baskets must place an order a Redemption Order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day. (b) Upon Surrender of an integral number of at least [ ] Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment to the Trustee of the Transaction Fee in connection with the Surrender of Shares as provided in Section 5.7(a) and of all federal, state, local and other taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to delivery, in accordance with the provisions of this Agreement, as supplemented by the Procedures, in exchange for each Basket so Surrendered, of an amount of Copper equal to the Basket Copper Amount determined by the Trustee on the first Business Day on which the Benchmark Valuation Price is announced. Gold announced following the Order Date of the corresponding Redemption Order. (c) Unless otherwise agreed to by the Custodian, the aggregate Basket Copper Amount corresponding to a Redemption Order will be Delivered by credited to the redeeming Authorized Participant’s account at the Custodian only by credit (the Trust’s obligation to an account of deliver Copper in connection with a Redemption Order being satisfied, and the Authorized Participant maintained by shall have no further rights against the Trust or the Trustee with respect to the redemption, when the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account has credited to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such lossaggregate Basket Copper Amount). (bd) The specific Copper to be credited to the redeeming Authorized Participant’s account upon the Surrender of Shares for redemption as provided in the preceding clause (c) will be selected pursuant to an algorithm provided by the Sponsor. Initially, such algorithm gives priority to the delivery of any Copper held by the Trust which does not meet the requirements to be placed on Warrant in compliance with the LME Rulebook. The algorithm may be changed from time to time by the Sponsor upon notice to the Trustee. (e) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliverdeliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold Copper represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. . (f) Any Delivery delivery of Gold Copper other than by credit as provided in this Section 2.6, if agreed to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis in its discretion, will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.6 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Euro Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Euro Amounts any portion that represents the value of Trust Property that is not held as Euro. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day"). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day, Day or on a day that is not a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next New York Business Day as the Order Date. The "Settlement Date" for a Redemption Order shall occur on which the Benchmark Price earliest date that is announcedno less than the third New York Business Day and the third London Business Day following the Order Date. Gold Euro will be Delivered from the Deposit Account by the Custodian only by credit to an account of the Authorized Participant maintained Depository. Any Trust Property other than Euro will be delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such lossTrustee. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Euro represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Euro other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold British Pound Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket British Pound Amounts any portion that represents the value of Trust Property that is not held as British Pounds. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than British Pounds will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold British Pounds represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold British Pounds other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Silver Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Silver will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, or other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold Silver is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold Silver represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Silver other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Silver from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Silver will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold Silver that may be smaller or larger than a Basket Gold Silver Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold Silver to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Australian Dollar Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Australian Dollar Amounts any portion that represents the value of Trust Property that is not held as Australian Dollars. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Australian Dollars will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Australian Dollars represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Australian Dollars other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Singapore Dollar Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Singapore Dollar Amounts any portion that represents the value of Trust Property that is not held as Singapore Dollars. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a Local Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Singapore Dollars will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Singapore Dollars represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Singapore Dollars other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Silver Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Silver will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold Silver is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold Silver represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Silver other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Silver from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Silver will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold Silver that may be smaller or larger than a Basket Gold Silver Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold Silver to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Russian Xxxxx Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Russian Xxxxx Amounts any portion that represents the value of Trust Property that is not held as Russian Rubles. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a Local Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Russian Rubles will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Russian Rubles represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Russian Rubles other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Swiss Franc Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Swiss Franc Amounts any portion that represents the value of Trust Property that is not held as Swiss Francs. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day"). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The "Settlement Date" for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Swiss Francs will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Swiss Francs represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Swiss Francs other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Chinese Renminbi Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Chinese Renminbi Amounts any portion that represents the value of Trust Property that is not held as Chinese Renminbi. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a Local Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Chinese Renminbi will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such lossTrustee. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Chinese Renminbi represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Chinese Renminbi other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) In accordance with the Procedures, the Trustee will instruct the Depository to Deliver the Basket Chinese Renimbi Amount represented by the number of Baskets specified in the Redemption Order of an Authorized Participant notwithstanding that the Authorized Participant has not Surrendered at the times prescribed in the Procedures the required number of Shares, if the Authorized Participant has, in accordance with the Procedures, deposited with the Trustee collateral in the form of U.S. dollars equal to 105% of the value of the NAV per Share of the Shares not Surrendered. The Authorized Participant shall be obligated daily to deposit such additional U.S. dollars as shall be required to maintain an amount equal to 105% of the value of the NAV per Share of the Shares not Surrendered; the Trustee shall not be obligated to refund any collateral until the Authorized Participant has Surrendered the total number of Shares specified in the Redemption Order. At any time the Sponsor, in its sole discretion, may buy in Shares for the account of the Authorized Participant and direct the Trustee to apply the collateral to settle such purchase. The Sponsor shall cause such Shares to be Delivered to the Trustee who shall credit and cancel them as Shares surrendered for redemption by the Authorized Participant in accordance with the preceding provisions of this Section. Notwithstanding any such application of the collateral, the Authorized Participant shall in all events remain liable for any shortfall between the cost to the Trust of purchasing such Shares and the value of the collateral and for any expense or loss incurred by the Sponsor or Trustee may(including attorneys’ fees and disbursements) in the event the Authorized Participant fails to Surrender Shares or pay such shortfall upon the Sponsor’s demand. Neither the Sponsor nor the Trustee shall be liable to any Authorized Participant, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by the Beneficial Owners who are not Authorized Participants. (d) The or other Person for loss arising from actions taken pursuant to this paragraph and, except as directed by the Sponsor and upon receipt of indemnification for costs and liability satisfactory to the Trustee, the Trustee may, but shall have no not take any action to enforce any obligation to, amend this Agreement of the Authorized Participant to provide for the sale of Gold to pay cash proceeds upon the redemption of deposit additional collateral or Surrender Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee fees and expenses of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and governmental charges and fees payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting or on authority of the Registered Beneficial Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent not inconsistent with this Agreement, and the practices of DTC, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a Valuation Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark no Valuation Relevant Price is not announced, will have as their Order Date not be accepted. Unless otherwise agreed to by the next Business Day on which the Benchmark Price is announced. Custodian, Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account will be entitled to express a preference as to the Authorized Participant and neither city where it would like to have the Trustee nor Basket Gold Amount delivered, the Trust shall Custodian, in consultation with the Trustee, will have any liability for any final authority to decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian’s office or at another location at which Trust Property is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of SharesBaskets. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Sponsor, the Trustee and Trust shall have no liability for any loss of Gold occurring after the Delivery of Gold by the Custodian to the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of may require that a Certificate evidencing Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide Surrendered for the sale purpose of Gold to pay cash proceeds upon the redemption withdrawal is properly endorsed in blank or accompanied by proper instruments of Sharestransfer in blank.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Beneficial Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a Valuation Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark no Valuation Relevant Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Valuation Relevant Price is announced. Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk will be entitled to express a preference as to the city 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 any loss from the time the Gold is paid from the Trust Unallocated Account and the Registered Owners, will have final authority to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian’s office or at another location at which Trust Property is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Australian Dollar Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Australian Dollar Amounts any portion that represents the value of Trust Property that is not held as Australian Dollars. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day"). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The "Settlement Date" for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Australian Dollars will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Australian Dollars represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Australian Dollars other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee fees and expenses of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and governmental charges and fees payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Beneficial Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent not inconsistent with this Agreement, and the practices of DTC, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business DayDay will not be accepted. Unless otherwise agreed to by the Custodian, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account will be entitled to express a preference as to the Authorized Participant and neither city where it would like to have the Trustee nor Basket Gold Amount delivered, the Trust shall Custodian, in consultation with the Trustee, will have any liability for any final authority to decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian’s office or at another location at which Trust Property is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of SharesBaskets. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Sponsor, the Trustee and Trust shall have no liability for any loss of Gold occurring after the Delivery of Gold by the Custodian to the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of may require that a Certificate evidencing Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide Surrendered for the sale purpose of Gold to pay cash proceeds upon the redemption withdrawal is properly endorsed in blank or accompanied by proper instruments of Sharestransfer in blank.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Hong Kong Dollar Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Hong Kong Dollar Amounts any portion that represents the value of Trust Property that is not held as Hong Kong Dollars. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a Local Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Hong Kong Dollars will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Hong Kong Dollars represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Hong Kong Dollars other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Canadian Dollar Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Canadian Dollar Amounts any portion that represents the value of Trust Property that is not held as Canadian Dollars. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Canadian Dollars will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Canadian Dollars represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Canadian Dollars other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Mexican Peso Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Mexican Peso Amounts any portion that represents the value of Trust Property that is not held as Mexican Pesos. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day"). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The "Settlement Date" for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Mexican Pesos will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Mexican Pesos represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Mexican Pesos other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold South African Rand Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket South African Rand Amounts any portion that represents the value of Trust Property that is not held as South African Rand. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a Local Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a Local Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than South African Rand will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold South African Rand represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold South African Rand other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender Shares may be redeemed only by Authorized Participants and only in minimum amounts of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented therebyone Lot, and upon payment of the fee of the Trustee one or more whole Baskets in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below)excess thereof. Authorized Participants wishing to redeem one or more Baskets Shares must place an order a Redemption Order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day. (b) Each Basket Surrendered for the purpose of withdrawal of the amount of Trust Property represented thereby shall entitle the redeeming Authorized Participant, upon the payment to the Trustee of the Transaction Fee as provided in Section 5.7(a) and the payment by the redeeming Authorized Participant of all federal, state, local and other taxes and governmental charges and fees payable in connection with such Surrender of Shares and withdrawal of Trust Property (including any applicable sales, use, value added or similar taxes), to the transfer, in accordance with the provisions of this Agreement as supplemented by the Procedures, of an amount of Copper equal to the Basket Copper Amount determined by the Trustee on the first Business Day on which the Benchmark Valuation Price is announced. Gold will be Delivered by announced following the Custodian only by credit to an account Order Date of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such losscorresponding Redemption Order. (bc) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal of Trust Property is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of the Shares to be redeemed and satisfaction of all the conditions for withdrawal of the Trust PropertyProperty represented thereby, the Trustee shall instruct the Custodian to Delivertransfer, as provided in the preceding following paragraph, to or to the order of the Surrendering redeeming Authorized Participant the amount of Gold Copper represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering redeeming Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. (d) Unless otherwise agreed to by the redeeming Authorized Participant and the Trustee (acting at the direction of the Sponsor), the aggregate Basket Copper Amount corresponding to a Redemption Order will be transferred to the account at the Custodian that the redeeming Authorized Participant shall have designated for that purpose. The Trust’s obligation to deliver Copper in connection with a Redemption Order shall be fully satisfied, and the redeeming Authorized Participant shall have no further rights against the Trust or the Trustee with respect to a redemption, once the Custodian has effected such transfer to such account. (e) The specific Copper to be transferred to the account designated by a redeeming Authorized Participant upon the Surrender of Shares for redemption as provided above will be selected pursuant to an algorithm provided from time to time by the Sponsor to the Trustee. The Trustee will promptly provide to the Custodian each such algorithm received from the Sponsor and will ensure that each Custody Agreement includes provisions that require the use of such algorithm by the Custodian. (f) Any Delivery delivery of Gold Copper other than by credit to an the redeeming Authorized Participant’s account of the Authorized Participant maintained by at the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering redeeming Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and any agreement between the Trustee and the Trustee may, but redeeming Authorized Participant pursuant to Section 2.6(d) shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participantsso provide. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Mexican Peso Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Mexican Peso Amounts any portion that represents the value of Trust Property that is not held as Mexican Pesos. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Mexican Pesos will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Mexican Pesos represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Mexican Pesos other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Administrative Trustee in connection with the Surrender of Shares as provided in Section 5.7 5.8(a) and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depositoryincluding Section 2.7, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property CERFs, cash or Short-Term Securities at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Administrative Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) the Order Cutoff Time on any Business Day. Redemption Orders received by the Administrative Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced CME announces a settlement price for CERFs will have that Business Day as the Order Date. Redemption Orders received by the Administrative Trustee on or after the Order Cutoff Time on any Business DayTime, or on a Business Day on which the Benchmark Price is CME does not announced, announce a settlement price for CERFs will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such lossDay. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a Valuation Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark no Valuation Relevant Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Valuation Relevant Price is announced. Unless otherwise agreed to by the Custodian, Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk will be entitled to express a preference as to the city 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 any loss from the time the Gold is paid from the Trust Unallocated Account and the Registered Owners, will have final authority to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian’s office or at another location at which Trust Property is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 4:00 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a COMEX Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is COMEX does not announcedannounce a COMEX Relevant Price, will have as their Order Date the next Business Day on which COMEX announces a COMEX Relevant Price. Unless otherwise agreed to by the Benchmark Price is announced. Custodian, Gold will be Delivered by the Custodian only by credit to in the form of Gold bars only, except that an account amount of the Authorized Participant maintained Gold not exceeding 430 Ounces may be Delivered by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The While a redeeming Authorized Participant shall bear all risk will be entitled to express a preference as to the city 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 any loss from the time the Gold is paid from the Trust Unallocated Account and the Registered Owners, will have final authority to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any decide where such lossDelivery will take place. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphCustodian’s office or at another location at which Trust Property is then being held, to or to the order of the Surrendering Authorized Participant the amount of Gold represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold other than by credit to an account at the office of the Authorized Participant maintained Custodian or a sub-custodian designated by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee will not be responsible to any Person if it is not practical for the Custodian to make Delivery of Gold in the city requested or if the Trustee determines to effect Delivery in a city other than the city requested by the Surrendering Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Beneficial Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Silver Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Unless otherwise agreed to by the Custodian, Silver will be Delivered by the Custodian only by credit to an account of Custodian, at the Authorized Participant maintained location designated by the Custodian or, if otherwise expressly permitted (or by a sub-custodian designated by the ProceduresCustodian), other LBMA-member custodian identified in the form of Silver bars only, except that an amount of Silver not exceeding 1100 Ounces may be Delivered by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in at the preceding paragraphlocation designated by the Custodian (or by a sub-custodian designated by the Custodian), to or to the order of the Surrendering Authorized Participant the amount of Gold Silver represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Silver other than by credit to an account of at the Authorized Participant maintained location designated by the Custodian on an Unallocated Basis (or by a sub-custodian designated by the Custodian) will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Silver from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Silver will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Euro Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Euro Amounts any portion that represents the value of Trust Property that is not held as Euro. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The “Settlement Date” for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Euro will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Euro represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Euro other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Euro Amounts corresponding to such Baskets on for the applicable Order New York Business Day prior to the Settlement Date (determined as provided defined below), but excluding from those Basket Euro Amounts any portion that represents the value of Trust Property that is not held as Euro. Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day"). Redemption Orders received by the Trustee prior to the Order Cutoff Time on a New York Business Day on which the Benchmark Price is announced will have that Business Day day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any a New York Business Day or on a day that is not a New York Business Day will have the next New York Business Day as the Order Date. The "Settlement Date" for a Redemption Order shall be the third New York Business Day following the Order Date unless that day is not a London Business Day, or on in which case the Settlement Date shall be the next following day that is both a New York Business Day on which the Benchmark Price is not announced, will have as their Order Date the next and a London Business Day on which the Benchmark Price is announcedDay. Gold Any Trust Property other than Euro will be Delivered delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated BasisTrustee. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Euro represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Euro other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Palladium Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “Redemption Order”) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Gold Palladium will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, or other LBMALPPM-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold Palladium is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Gold Palladium represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Palladium other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold Palladium from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold Palladium will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold Palladium that may be smaller or larger than a Basket Gold Palladium Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold Palladium to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.6 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Euro Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”") no later than 3:59:59 4:00 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is Federal Reserve Bank of New York does not announcedannounce a Relevant Price, will have as their Order Date the next Business Day on which the Benchmark Price is announcedFederal Reserve Bank of New York announces a Relevant Price. Gold Euro will be Delivered from the Depository Account by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such lossDepository. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Euro represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Euro other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation toin its discretion, amend this Agreement and will when so directed by the Sponsor, suspend the right of redemption, or postpone the settlement of the Redemption Order, (i) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of euro is not reasonably practicable; or (iii) for such other period as the Sponsor determines to provide be necessary for redemption the protection of Beneficial Owners. Neither the Sponsor nor the Trustee is liable to any quantity of Shares person or in any way for quantities of Gold any loss or damages that may be smaller result from any such suspension or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participantspostponement. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.

Surrender of Shares and Withdrawal of Trust Property. (a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 6.6 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the Basket Gold Euro Amounts corresponding to such Baskets on for the applicable Order Business Day prior to the Settlement Date (determined as provided defined below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a “"Redemption Order”") no later than 3:59:59 p.m. (New York time) the Order Cutoff Time on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark a Relevant Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Federal Reserve Bank of New York does not announce a Relevant Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announcedFederal Reserve Bank of New York announces a Relevant Price. Gold The "Settlement Date" for a Redemption Order shall be the third Business Day following the Order Date. Euro will be Delivered from the Deposit Account by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LBMA-member custodian identified by the Authorized Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Gold is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such lossDepository. (b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian Depository to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant Participant, the amount of Gold Euro represented by the Surrendered Baskets of Shares and the Depository or the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Gold Euro other than by credit to an account wire transfer or at the office of the Authorized Participant maintained by the Custodian on an Unallocated Basis Depository will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical movement of Gold from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Gold will be Delivered. (c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Gold that may be smaller or larger than a Basket Gold Amount by Beneficial Owners who are not Authorized Participants. (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Gold to pay cash proceeds upon the redemption of Shares.