Common use of SUB-CUSTODIANS Clause in Contracts

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks Global Services, Via Mat International and Group 4 Security Limited. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion Physical Gold until transported to the relevant Custodian’s London vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of BullionPhysical Gold, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this AgreementIn selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodians that Custodian can reasonably be expected to operate in a reasonable and prudent manner and in compliance with the Custodian uses are: Brinks Global ServicesRules and all other relevant laws, Via Mat International rules and Group 4 Security Limitedregulations applicable to its services as a sub-custodian of Gold. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a LBMA member.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4Clause 8.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, JPMorganChase Bank, N.A., UBS AG, Barclays Bank PLC, Xxxxxxx Matthey plc, Brink’s Global Services, Via Mat International Services Inc. and Group 4 Security LimitedViaMat International. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor Company that the Custodian has selected a Sub-Custodian (including those named in this clause 8.19.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion Physical Platinum until transported to the relevant Custodian’s London vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of BullionPhysical Platinum, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this AgreementIn selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodians that Custodian can reasonably be expected to operate in a reasonable and prudent manner and in compliance with the Custodian uses are: Brinks Global ServicesRules and all other relevant laws, Via Mat International rules and Group 4 Security Limitedregulations applicable to its services as a sub-custodian of Platinum. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a LPPM member.

SUB-CUSTODIANS. With the exception of the Zurich Sub CustodianSub-Custodians, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks (i) in London only for all Bullion, Barclays Bank plc, The Bank of Nova Scotia (ScotiaMocatta), HSBC Bank USA, N.A. and Deutsche Bank AG; (ii) in London and Zurich for all Bullion, Union Bank of Switzerland (UBS), Brink’s Global Services, Services Inc. and Via Mat International International; and Group 4 Security Limited(iii) in Zurich only for platinum and palladium only, Credit Suisse. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shallwhich, shall for the avoidance of doubt, be governed by clause Section 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such subSub-custodians Custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks Global Services, Via Mat International and Group 4 Security Limited. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian and the Sponsor for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub CustodianSub-Custodians, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks (i) in London only for all Bullion, Barclays Bank plc, The Bank of Nova Scotia (ScotiaMocatta), HSBC Bank USA, N.A. and Deutsche Bank AG; (ii) in London only for gold only, The Bank of England; (iii) in London and Zurich for all Bullion, Union Bank of Switzerland (UBS), Brink’s Global Services, Services Inc. and Via Mat International International; and Group 4 Security Limited(iv) in Zurich only for platinum and palladium only, Credit Suisse. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion Physical Gold until transported to the relevant Custodian’s vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of BullionPhysical Gold, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this AgreementIn selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodians that Custodian can reasonably be expected to operate in a reasonable and prudent manner and in compliance with the Custodian uses are: Brinks Global ServicesRules and all other relevant laws, Via Mat International rules and Group 4 Security Limitedregulations applicable to its services as a sub-custodian of Gold. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall be a LBMA member, except for Bank of England.

SUB-CUSTODIANS. With the exception of the Zurich Sub CustodianSub-Custodians, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Bank of England, Barclays, Brinks Global Services, Credit Suisse, Deutsche Bank, HSBC, Scotia Mocatta, UBS and Via Mat International and Group 4 Security LimitedInternational. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ appoint Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG, JPMorganChase Bank, N.A., UBS AG, Barclays Bank PLC, Xxxxxxx Matthey plc, Brink’s Global Services, Via Mat International Services Inc. and Group 4 Security LimitedViaMat International. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Sub- Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Sub- Custodian.

SUB-CUSTODIANS. With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant Custodian’s Singapore vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks the Bank of England, Barclays Bank plc, Brink’s Global ServicesServices Inc., Deutsche Bank AG, HSBC Bank USA, N.A., The Bank of Nova Scotia—ScotiaMocatta, Union Bank of Switzerland (UBS) and Via Mat International and Group 4 Security LimitedInternational. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian.