0001193125-06-086865 Sample Contracts

Depositary Trust Agreement iShares Silver Trust
Depositary Trust Agreement • April 24th, 2006 • iShares Silver Trust • Gold and silver ores • New York

THIS DEPOSITARY TRUST AGREEMENT dated as of [ ], 2006, 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 • April 24th, 2006 • iShares Silver Trust • Gold and silver ores • New York

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.

CUSTODIAN AGREEMENT
Custodian Agreement • April 24th, 2006 • iShares Silver Trust • Gold and silver ores

We have agreed to open and maintain for you the Account (as defined below) and to provide other services to you in connection with the Account. This agreement sets out the terms under which we will provide those services to you and the arrangements which will apply in connection with those services.

iSHARES SILVER TRUST SUBLICENSE AGREEMENT
Ishares Silver Trust Sublicense Agreement • April 24th, 2006 • iShares Silver Trust • Gold and silver ores • New York

This Sublicense Agreement (the “Agreement”) is made as of April __, 2006, by and between Barclays Global Investors International Inc., a corporation organized under the laws of the State of Delaware (“BGII”) and The Bank of New York, a banking corporation organized under the laws of the State of New York acting in its capacity as trustee (the “Trustee”) of the iShares Silver Trust, a trust organized under the laws of the State of New York (the “Trust”).

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