Common use of TO BE COMPLETED BY TRUSTEE AND CUSTODIAN Clause in Contracts

TO BE COMPLETED BY TRUSTEE AND CUSTODIAN. This certifies that the above order has been: Accepted by the Trustee Accepted by Custodian Declined-Reason: Final # of Ounces Final # of SLV Shares Final Cash Due to BNY Date Time Authorized Signature of Custodian Date Time Authorized Signature of Trustee Dated as of , 2006 ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION 1 Section 1.01. Authorization to Purchase and Redeem Baskets 1 Section 1.02. Procedures for Orders 1 Section 1.03. Consent to Recording 1 Section 1.04. Irrevocability 1 Section 1.05. Costs and Expenses 1 Section 1.06. Delivery of Property to the Trust 1 Section 1.07. Title to Deposit Property and iShares Surrendered for Redemption 1 Section 1.08. Certain Payments or Distributions 2 ARTICLE II AUTHORIZED REPRESENTATIVES 2 Section 2.01. Certification 2 Section 2.02. PIN Numbers 2 Section 2.03. Termination of Authority 3 Section 2.04. Verification 3 ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT 3 Section 3.01. Clearing Status 3 Section 3.02. Broker-Dealer Status 3 Section 3.03. Foreign Status 4 Section 3.04. Compliance with Certain Laws 4 Section 3.05. Authorized Participant Status 4 ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT 4 Section 4.01. Independent Contractor 4 Section 4.02. Rights and Obligations of DTC Participant 4 Section 4.03. Beneficial Owner Communications 4 ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS 5 Section 5.01. Authorized Participant’s Representation 5 Section 5.02. Prospectus 5 ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY 5 Section 6.01. Indemnification 5 ARTICLE VII MISCELLANEOUS 6 Section 7.01. Commencement of Trading 6 Section 7.02. Definitions 6 STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) agreed to as of [ ], 2006 by and between The Bank of New York, a New York banking corporation, and Barclays Global Investors International Inc., a Delaware corporation. ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION

TO BE COMPLETED BY TRUSTEE AND CUSTODIAN. This certifies that the above order has been: Accepted by the Trustee Accepted by Custodian Declined-Reason: Final # of Ounces Final # of SLV Shares Final Cash Due to BNY Date Time Authorized Signature of Custodian Date Time Authorized Signature of Trustee Dated as of , 2006 2005 ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION 1 Section 1.01. Authorization to Purchase and Redeem Baskets 1 Section 1.02. Procedures for Orders 1 Section 1.03. Consent to Recording 1 Section 1.04. Irrevocability 1 Section 1.05. Costs and Expenses 1 Section 1.06. Delivery of Property to the Trust 1 Section 1.07. Title to Deposit Property and iShares Surrendered for Redemption 1 Section 1.08. Certain Payments or Distributions 2 ARTICLE II AUTHORIZED REPRESENTATIVES 2 Section 2.01. Certification 2 Section 2.02. PIN Numbers 2 Section 2.03. Termination of Authority 3 Section 2.04. Verification 3 ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT 3 Section 3.01. Clearing Status 3 Section 3.02. Broker-Dealer Status 3 Section 3.03. Foreign Status 4 Section 3.04. Compliance with Certain Laws 4 Section 3.05. Authorized Participant Status 4 ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT 4 Section 4.01. Independent Contractor 4 Section 4.02. Rights and Obligations of DTC Participant 4 Section 4.03. Beneficial Owner Communications 4 ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS 5 Section 5.01. Authorized Participant’s Representation 5 Section 5.02. Prospectus 5 ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY 5 Section 6.01. Indemnification 5 ARTICLE VII MISCELLANEOUS 6 Section 7.01. Commencement of Trading 6 Section 7.02. Definitions 6 STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) agreed to as of [ ], 2006 2005 by and between The Bank of New York, a New York banking corporation, and Barclays Global Investors International Inc., a Delaware corporation. ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION