0001193125-05-127244 Sample Contracts

Depositary Trust Agreement iShares Silver Trust
Depositary Trust Agreement • June 17th, 2005 • iShares Silver Trust • New York

THIS DEPOSITARY TRUST AGREEMENT dated as of [ ], 2005, between BARCLAYS GLOBAL INVESTORS INTERNATIONAL INC, a Delaware corporation, as sponsor, THE BANK OF NEW YORK, a New York banking corporation, as trustee, all Registered Owners and Beneficial Owners from time to time of iShares Silver Trust Shares issued hereunder and all Depositors.

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AUTHORIZED PARTICIPANT AGREEMENT
Authorized Participant Agreement • June 17th, 2005 • iShares Silver Trust • New York

STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) agreed to as of [ ], 2005 by and between The Bank of New York, a New York banking corporation, and Barclays Global Investors International Inc., a Delaware corporation.

] iShares iSHARES SILVER TRUST DISTRIBUTION AGREEMENT
Distribution Agreement • June 17th, 2005 • iShares Silver Trust • New York
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