Common use of TERMS AND CONDITIONS OF THE ETP SECURITIES Clause in Contracts

TERMS AND CONDITIONS OF THE ETP SECURITIES. The following is the text of the terms and conditions which, subject to completion by the Final Terms relating to a particular Series or Tranche of ETP Securities, will be applicable to the ETP Securities of such Series or Tranche and which will be attached to or endorsed on such ETP Securities in definitive form (or, in the case of Registered Securities, on the Individual Certificates relating to such Registered Securities). Unless the context requires otherwise, references in these terms and conditions to "ETP Securities" are to the ETP Securities of one Series only, not to all ETP Securities which may be issued under the Programme from time to time. The ETP Securities are issued under the collateralised exchange traded securities programme of the Issuer (the "Programme"). In respect of a Series of ETP Securities, the ETP Securities of such Series will be constituted by (i) a supplemental trust deed dated the Issue Date of the first Tranche of ETP Securities of such Series and made between, among others, the Issuer and Apex Corporate Trustees (UK) Limited (the "Trustee", which expression shall include all persons for the time being the trustee or trustees under the Trust Deed (as defined below)), as trustee for the holders of the ETP Securities and the other persons specified therein (as amended, supplemented, novated and/or replaced from time to time, the "Supplemental Trust Deed"; and

TERMS AND CONDITIONS OF THE ETP SECURITIES. The following is the text of the terms and conditions which, subject to completion by the Final Terms relating to a particular Series or Tranche of ETP Securities, will be applicable to the ETP Securities of such Series or Tranche and which will be attached to or endorsed on such ETP Securities in definitive form (or, in the case of Registered Securities, on the Individual Certificates relating to such Registered Securities). Unless the context requires otherwise, references in these terms and conditions to "ETP Securities" are to the ETP Securities of one Series only, not to all ETP Securities which may be issued under the Programme from time to time. The ETP Securities are issued under the collateralised exchange traded securities programme of the Issuer (the "Programme"). In respect of a Series of ETP Securities, the ETP Securities of such Series will be constituted by (i) a supplemental trust deed dated the Issue Date of the first Tranche of ETP Securities of such Series and made between, among others, the Issuer and Apex Corporate Trustees (UK) Limited (the "Trustee", which expression shall include all persons for the time being the trustee or trustees under the Trust Deed (as defined below)), as trustee for the holders of the ETP Securities and the other persons specified therein (as amended, supplemented, novated and/or replaced from time to time, the "Supplemental Trust Deed"; andand (ii) an amended and restated master trust deed originally dated the Programme Effective Date and as most recently amended and restated on 16 August 2022 and made between the Issuer and the Trustee (as further amended, supplemented, novated and/or replaced from time to time, the "Master Trust Deed"). The Master Trust Deed and the Supplemental Trust Deed in respect of each Series of ETP Securities are referred to together as the "Trust Deed". These terms and conditions include summaries of, and are subject to, the detailed provisions of the Trust Deed. The obligations of the Issuer under the ETP Securities of a particular Series are secured by the Security Documents in respect of such Series. The Issuer has entered into the following margin account agreements:

TERMS AND CONDITIONS OF THE ETP SECURITIES. The following is the text of the terms and conditions which, subject to completion by the Final Terms relating to a particular Series or Tranche of ETP Securities, will be applicable to the ETP Securities of such Series or Tranche and which will be attached to or endorsed on such ETP Securities in definitive form (or, in the case of Registered Securities, on the Individual Certificates relating to such Registered Securities). Unless the context requires otherwise, references in these terms and conditions to "ETP Securities" are to the ETP Securities of one Series only, not to all ETP Securities which may be issued under the Programme from time to time. The ETP Securities are issued under the collateralised exchange traded securities programme of the Issuer (the "Programme"). In respect of a Series of ETP Securities, the ETP Securities of such Series will be constituted by (i) a supplemental trust deed dated the Issue Date of the first Tranche of ETP Securities of such Series and made between, among others, the Issuer and Apex Corporate Trustees (UK) Limited (the "Trustee", which expression shall include all persons for the time being the trustee or trustees under the Trust Deed (as defined below)), as trustee for the holders of the ETP Securities and the other persons specified therein (as amended, supplemented, novated and/or replaced from time to time, the "Supplemental Trust Deed"; andand (ii) an amended and restated master trust deed originally dated the Programme Effective Date and as most recently amended and restated on 6 November 2020 and made between the Issuer and the Trustee (as further amended, supplemented, novated and/or replaced from time to time, the "Master Trust Deed"). The Master Trust Deed and the Supplemental Trust Deed in respect of each Series of ETP Securities are referred to together as the "Trust Deed". These terms and conditions include summaries of, and are subject to, the detailed provisions of the Trust Deed. The obligations of the Issuer under the ETP Securities of a particular Series are secured by the Security Documents in respect of such Series. The Issuer has entered into a New York law governed customer agreement between the Issuer and the Margin Loan Provider dated 16 March 2020 (the “LS Margin Account Agreement”). The LS Margin Account Agreement sets out, amongst other things, the terms on which the Margin Loan Provider will provide certain securities accounts, margin accounts, collateral accounts, margin loans and securities loans to the Issuer in respect of each Series of ETP Securities to which it is applicable. The Margin Loan Provider does not guarantee payment by the Issuer to the ETP Securityholders of amounts due in respect of the ETP Securities, and no ETP Securityholder will have any claim against any Margin Loan Provider in respect of amounts due in respect of any ETP Securities.