On any day (other than a Saturday or a Sunday) on which (i) Euronext Paris is open for business, (ii) the over-the-counter market of The London Bullion Market Association (the "LBMA") is open for business and (iii) commercial banks in Ireland are open for business (a "Business Day"), an Authorised Participant may request the Issuer to issue further ETC Securities to such Authorised Participant (a "Subscription"). Prior to settlement of a Subscription, the Authorised Participant will be required to transfer to an unallocated account of the Issuer with the Custodian marked for such Series (the "Unallocated Account") an amount of Gold (the "Subscription Settlement Amount") equal to the product of (a) the Metal Entitlement on the relevant trade date (the "Subscription Trade Date") and (b) the total number of ETC Securities being issued. The Issuer will not issue ETC Securities to an Authorised Participant until the Subscription Settlement Amount has been received in the Unallocated Account and allocated to the Allocated Account for the Series. In connection with each Subscription, the Authorised Participant will also be required to pay to the Issuer a subscription fee (the "Subscription Fee").

Buy-Backs

On any Business Day, an Authorised Participant may request that the Issuer buys back ETC Securities from such Authorised Participant (a "Buy-Back"). Prior to settlement of a Buy-Back, the Authorised Participant will be required to deliver to the Issuing and Paying Agent on behalf of the Issuer the relevant ETC Securities being bought back. The Issuer will not cancel such ETC Securities and deliver to the Authorised Participant an amount of Gold (the "Buy-Back Settlement Amount") equal to the product of (1) the Metal Entitlement on the relevant trade date (the "Buy-Back Trade Date") and (2) the total number of ETC Securities being bought back, until the Issuing and Paying Agent has confirmed receipt of such ETC Securities. In connection with each Buy-Back, the Authorised Participant will also be required to pay to the Issuer a buy-back fee (the "Buy-Back Fee").

Future Buy-Backs and Early and Final Redemption

At any given time, the Gold standing to the credit of the Allocated Account should at least equal the aggregate Metal Entitlement for all ETC Securities still outstanding for such Series. Such Gold will fund the delivery of any future Buy-Back Settlement Amounts and the payment of any "Early Redemption Amount" or "Final Redemption Amount" (each as defined below) in respect of each ETC Security.

Security

The obligations of the Issuer under the ETC Securities will be secured pursuant to a security deed governed by the laws of Ireland and a security deed governed by English law by security interests over the rights of the Issuer under the agreements entered into by it in respect of the ETC Securities and the underlying Gold. The assets and property that are the subject of such security interests are known as "Secured Property" for this Series. Securityholders will not, by reason of holding such Series, have any claim against the Secured Property with respect to any other series of ETC Securities. The security over the Secured Property in respect of a Series of ETC Securities will become enforceable if payment of the Final Redemption Amount or Early Redemption Amount, as applicable, is not made in full when due on the Scheduled Maturity Date or the relevant Early Redemption Settlement Date, as applicable.

Limited Recourse and Ranking

The ETC Securities will rank equally amongst themselves. The rights of Securityholders are limited in recourse to the Secured Property. As such, once the Secured Property has been realised and the net proceeds distributed, none of the parties or anyone acting on their behalves may take further steps against the Issuer or its directors, officers, members or administrator to recover any further sum and no debt will be owed by the Issuer in respect of such sum. Any proceeds of the Secured Property will be applied in accordance with the priorities of payments set out in the terms and conditions and, therefore, the rights of Securityholders will rank in accordance therewith. As a result of such provisions, the Securityholders of a Series may not receive in full the Final Redemption Amount or Early Redemption Amount payable in respect of each ETC Security of such Series if the proceeds of the Secured Property are insufficient to meet the claims of all secured creditors of such Series.

Interest

The ETC Securities will not pay periodic interest but the Early Redemption Amount or Final Redemption Amount, as applicable, may incorporate an interest redemption premium to the extent such Early Redemption Amount or Final Redemption Amount, as applicable, exceeds the issue price per ETC Security for the first tranche of the Series.

Where the value of the Metal comprising the Metal Entitlement per ETC Security is trading at or below an amount equal to the Nominal Amount plus the Specified Interest Amount (each as defined below), a Specified Interest Amount may be payable by the Issuer as part of the Final Redemption Amount or Early Redemption Amount payable per ETC Security, as the case may be, which amount shall represent interest on the Nominal Amount.

Final Redemption of the ETC Securities

Unless previously redeemed in whole or purchased and cancelled by the Issuer, each ETC Security will become due and payable on the Scheduled Maturity Date at its Final Redemption Amount.

The "Final Redemption Amount" for a Series shall be an amount (which amount may incorporate an interest redemption premium, being any excess over the issue price per ETC Security for the first tranche of such Series) denominated in USD per ETC Security equal to the greater of: i. the product of (a) the Metal Entitlement (expressed in fine troy ounces) as at the date falling 40 Business Days

prior to the scheduled maturity date (the "Final Redemption Valuation Date", subject to postponement in certain

circumstances) and (b) the average price ascribed to each fine troy ounce of Metal held in the Allocated Account on

the Final Redemption Valuation Date based on (1) the proceeds received on any Metal sold prior to the fifth

Business Day immediately preceding the scheduled maturity date and (2) the reference price for the Metal as

published on the relevant price source for such Series (or any successor or replacement price source) in respect of

any Metal not sold prior to the fifth Business Day immediately preceding the scheduled maturity date; and ii. an amount equal to 10 per cent. of the issue price per ETC Security on the Series Issue Date (the "Nominal Amount")

plus an amount equal to 1 per cent. of the Nominal Amount (the "Specified Interest Amount").

Early Redemption of the ETC Securities

The ETC Securities shall become due and payable prior to their scheduled maturity date at its Early Redemption Amount due to the occurrence of any of the following events if, following the occurrence of any such event, the Issuer (and/or, in the case of a Market Value Redemption Event or an Event of Default, the Trustee following requisite direction by the Securityholders) has given notice designating an early redemption of the ETC Securities in full: i. the Issuer at any time and for any reason elects to early redeem the ETC Securities in full (an "Issuer Call

Redemption Event"); ii. on the next date on which a delivery of Metal is due (whether in respect of a Subscription, a Buy-Back or a sale of

TER Metal), the Issuer is, or there is a substantial likelihood that it will be, required to make payment in

respect of VAT or register for VAT or otherwise account for VAT on such delivery of Metal, or the Issuer has become

liable, or become aware that it is liable, for VAT in respect of a prior delivery of Metal (a "VAT Redemption Event

"); iii. certain key service providers of the Issuer resign or their appointment in relation to such Series is terminated

for any reason and no successor or replacement has been appointed within 120 calendar days (a "Service Provider

Non-Replacement Redemption Event"); iv. the prevailing value of an ETC Security on two consecutive non-disrupted days (calculated by the Administrator by

reference to each ETC Security's Metal Entitlement and the "Metal Reference Price" (being the LBMA Gold Price or

such successor Metal Reference Price as may be determined from time to time) on each such non-disrupted day) is

less than or equal to 20 per cent. of the issue price per ETC Security (calculated by reference to each ETC

Security's Metal Entitlement and the Metal Reference Price) as at the Series Issue Date (a "Market Value Redemption

Event"); or v. an event of default occurs including certain breaches by the Issuer of its obligations that are not cured within

the applicable cure period and certain insolvency events with respect to the Issuer (an "Event of Default").

The "Early Redemption Amount" shall be an amount (which amount may incorporate an interest redemption premium, being any excess over the issue price per ETC Security for the first tranche of such Series) denominated in USD per ETC Security equal to the greater of: i. the product of (a) the Metal Entitlement (expressed in fine troy ounces) as at the date specified in the relevant

notice designating an Issuer Call Redemption Event, a VAT Redemption Event, a Service Provider Non-Replacement

Redemption Event, a Market Value Redemption Event or an Event of Default, as applicable (the "Early Redemption

Trade Date", subject to postponement in certain circumstances) and (b) the average price ascribed to each fine troy

ounce of Metal held in the Allocated Account on the Early Redemption Trade Date based on (1) the proceeds received

on any Metal sold prior to the fifth Business Day immediately preceding the 40th Business Day following the Early

Redemption Trade Date (such 40th Business Day following the Early Redemption Trade Date, the "Metal Sale Cut-Off

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June 16, 2021 08:02 ET (12:02 GMT)