When does the Custodian employ subcustodians for the holding of the Trust’s gold?
The Custodian may employ subcustodians to provide temporary custody and safekeeping of gold bars until transported to the Custodian’s London vault premises. These subcustodians may in turn select other subcustodians to perform such temporary custody and safekeeping. The Custodian will seek to promptly transport gold bars that have been allocated in the vault of a subcustodian to the Custodian’s London vault. The transport of the gold bars is at the Custodian’s cost and risk. The subcustodians selected and available for use by the Custodian as of September 30, 2008 are: The Bank of England, Brinks Ltd., Via Mat International and LBMA market-making members that provide bullion vaulting and clearing services to third parties. The Custodian will notify the Trustee if it selects any additional subcustodians or stops using any subcustodian it has previously selected.
