All gold and silver will be held by the Custodian at its London vault premises. Platinum and palladium will be held by the Custodian at its London vault premises or by Zurich Sub-Custodians at their Zurich vault premises.

Bullion may be held elsewhere by the Custodian or a Sub-Custodian on a temporary basis prior to Bullion being transported to such vault premises or as part of a creation or redemption process. The Custodian will be responsible for the transportation, handling and any costs associated with moving Bullion to or from its London vault premises and between any vaults of sub-custodians.

As at the date of this Prospectus the Sub-Custodians directly appointed by the Custodian are the Bank of England, The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, JPMorgan Chase Bank, N.A., UBS AG, Barclays Bank PLC, Johnson Matthey plc, Brink’s Global Services Inc. and ViaMat International.

All Bullion for the Metal Securities will be held in allocated form pursuant to the terms of the Custodian Agreements except that some Bullion may be held in unallocated form on a short term basis when Bullion is in the process of being allocated or de-allocated in connection with creations and redemptions of Metal Securities or any residual portion that is too small to make up a whole Good Delivery bar.

Bullion held in allocated form is not a credit risk against the Custodian but represents direct ownership of the metal, whereas Bullion held in unallocated form is an unsecured credit risk against the Custodian.