Publication of Final Terms

This summary should be read as an introduction to the Base Prospectus as completed by the Final Terms.

Any decision to invest in the Securities should be based on consideration of the Base Prospectus as a whole by the investor.

Where a claim relating to the information contained in the Base Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States of the European Economic Area, have to bear the costs of translating the Base Prospectus before the legal proceedings are initiated.

Civil liability attaches only to those persons who have tabled this summary including any translation thereof, but only if this summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, key information in order to aid investors when considering whether to invest in the Securities.

The Issuer consents to the use of the Base Prospectus, and has accepted responsibility for the content of the Base Prospectus, with respect to the subsequent resale or final placement of Securities by any Authorised Participant and any Authorised Distributor appointed by an Authorised Participant that complies with the Authorised Distributor Terms in Ireland and the United Kingdom and, subject to the public offer selling restrictions under the Prospectus Directive, applicable local regulations and/or completing the appropriate passporting procedure pursuant to the Prospectus Directive, any of Austria, Denmark, France, Germany, Italy, The Netherlands and Spain. This consent is valid for 12 months from the date of publication of the Base Prospectus.

Investors should be aware that information on the terms and conditions of the offer by any Authorised Participant or Authorised Distributor shall be provided at the time of the offer by such Authorised Participant or Authorised Distributor. Any Authorised Participant or Authorised Distributor using the Base Prospectus for the purpose of any offering must state on its website that it uses the Base Prospectus in accordance with the consent given and the conditions attached thereto.

iShares Physical Metals plc.

The Issuer was incorporated on 7 February 2011 as a public limited company in Ireland under the Irish Companies Acts with registration number 494646.

The authorised share capital of the Issuer is €100,000 divided into 100,000 ordinary shares of €1 each, of which €40,000 divided into 40,000 ordinary shares of €1 each have been issued. All of the issued shares are fully-paid up and are held by or to the order of Wilmington Trust SP Services (Dublin) Limited (the "Share Trustee"), under the terms of a declaration of trust dated 21 March 2011 under which the Share Trustee holds them on trust for charitable purposes. The Share Trustee has no beneficial interest in and derives no benefit (other than its fees for acting as Share Trustee) from its holding of the shares of the Issuer.

Not applicable.  The Issuer and the Securities are unrated.

The Issuer has been established as a special purpose vehicle for the purpose of issuing asset backed securities.

The Issuer has established a programme under which Securities linked to precious metals may be issued from time to time. The Final Terms relate to an issue of Securities of the iShares Physical Gold ETC Series, which provides exposure to Gold, and will form a single Series with the Gold Securities already in issue.

Under the Secured Precious Metal Linked Securities Programme, the Arranger and Adviser is BlackRock Advisors (UK) Limited. The current Authorised Participant(s) in respect of the Securities will be published at www.ishares.com (or such other website as may be notified to Securityholders). The Issuer may also, from time to time, enter into Metal Sale Agreements with one or more Metal Counterparties providing for the purchase of Gold from the Issuer in respect of the Gold Securities. The Administrator is State Street Bank and Trust Company, the Custodian is JPMorgan Chase Bank N.A., London Branch, the Trustee is State Street Custodial Services (Ireland) Limited and the sole Registrar as at the date of the Base Prospectus is Computershare Investor Services (Ireland) Limited.

Not applicable. There has been no material adverse change in the financial position or prospects of the Issuer since the date of the latest audited accounts dated 30 April 2015.

The assets backing the Securities have characteristics that demonstrate capacity to service any deliveries due or produce funds to service any payments due on the Securities.

With respect to the Gold Securities, the Issuer's main assets are (i) its holdings of Gold in allocated form held by or on behalf of the Issuer (through the Custodian and/or Sub-Custodians) in the Allocated Account(s) in respect of the Gold Securities, received by the Issuer in connection with subscriptions of Securities by Authorised Participants; and (ii) its contractual rights under the Transaction Documents.

Not applicable. The Secured Property of the Gold Securities will not be an actively managed pool of assets.

New securities issued which form a single series with the Gold Securities already in issue and which are expressed to be constituted by the same Trust Deed and secured by the same Security Deed will, upon issue thereof by the Issuer, be secured by the same Secured Property of such Gold Securities (as increased or supplemented in connection with such issue of new securities).

The Issuer, under its Secured Precious Metal Linked Securities Programme, may issue Gold Securities to Authorised Participants appointed in respect of the Gold Securities.

Authorised Participants will be required, on subscription, to transfer to the Issuer's relevant account with the Custodian (or to the Custodian's relevant account with a Sub-Custodian, as directed by the Custodian) an amount of Gold equal to the Subscription Settlement Amount and to pay the Subscription Fee (unless the relevant Registrar has agreed that the Subscription Fee may be paid following subscription). The Issuer will not issue Securities to an Authorised Participant until the Subscription Settlement Amount has been allocated to the relevant Allocated Account for the Gold Securities.

Authorised Participants may request that the Issuer buys back Securities from such Authorised Participant in return for an amount of Gold equal to the Buy-Back Settlement Amount, provided that the Authorised Participant has satisfied certain conditions precedent which include return of such Securities and payment of the Buy-Back Fee (unless the relevant Registrar has agreed that the Buy-Back Fee may be paid following the relevant buy back).

It is intended that Authorised Participants of the Gold Securities will sell Securities in the secondary market to investors who have either directly approached the Authorised Participant or to investors on a stock exchange on which the Securities are listed (as applicable) for a purchase price agreed between the Authorised Participant and such investor(s) in respect of the Securities. Investors may sell the Securities from time to time in the secondary market to third parties or Authorised Participants.

Under the terms of the Gold Securities, the Issuer has the obligation to pay or deliver (as applicable) (a) an "all-in-one" operational fee to the Adviser (equal to the Gold representing the reduction in the Metal Entitlement by daily application of the Total Expense Ratio); (b) the Buy-Back Settlement Amount on a buy-back or deemed buy-back of Securities; and (c) the Early Redemption Amount to Securityholders.

Gold representing the reduction in the Metal Entitlement by daily application of the Total Expense Ratio will be periodically sold to the Custodian to fund the payment of the "all-in-one" operational fee to the Adviser. The Adviser will use such fee to pay the agreed fees of other service providers to the Issuer. The remaining Gold (equal to the aggregate Metal Entitlement of the Gold Securities) will fund the payment or delivery (as applicable) of the Buy-Back Settlement Amount and the Early Redemption Amount.

No cash flows through the Issuer in connection with the Gold Securities except in circumstances where Gold is sold to fund a Cash Redemption. There are no swap counterparties.

Not applicable.  The Gold Securities are backed by physical Gold.

The Securities constitute secured, limited recourse obligations of the Issuer issued in Series in the form of debt securities, at all times ranking pari passu and without any preference among themselves. The Securities will be undated, with no final maturity date and will be non-interest bearing.

Each Series may comprise a number of different Tranches issued on identical terms other than the Issue Date and the Metal Entitlement and with the Securities of each Tranche of a Series being interchangeable with all other Securities of that Series.

Each Security of the Gold Securities will have a Metal Entitlement expressed as an amount in weight of Gold. No payments will be due to Securityholders during the life of the Securities, other than on Early Redemption.

During the life of the Securities, Securityholders can, through financial intermediaries, buy and sell Securities on each exchange on which the Securities are listed from time to time. Only the Authorised Participants in respect of the Gold Securities can subscribe for Gold Securities directly from the Issuer and request the Issuer to buy back Gold Securities, except in the limited circumstances described below.

However, on an Early Redemption, each such Gold Security will, by default, be redeemed for a cash amount in USD being the sale proceeds of the Metal Entitlement as at the relevant Early Redemption Trade Date (save that eligible Authorised Participants may elect to receive the Metal Entitlement in Gold) subject to the deduction of an Early Redemption Fee (and after payment and/or delivery in respect of the Issuer's obligations owing to prior ranking creditors).

The Securities will be in dematerialised uncertificated registered form and cleared through CREST.

At some point in future, the Securities may also be admitted to listing and trading on the Frankfurt Stock Exchange. It is intended that the Securities traded on the Frankfurt Stock Exchange will be cleared in Clearstream Frankfurt in accordance with the requirements of Clearstream Frankfurt. Legal title to such Securities (CBF Securities) will, unless otherwise agreed between the Issuer and Clearstream Frankfurt, be held by Clearstream Frankfurt's nominee. The form, nature, method for transfer and/or clearing of CBF Securities may from time to time be modified by the Issuer without the approval of Securityholders or the consent of the Trustee in order to take into account and/or comply with the then current and applicable rules, procedures and/or practice of Clearstream Frankfurt (which the Issuer agrees with Clearstream Frankfurt shall apply to the CBF Securities) and any other terms, conditions, rules, procedures and/or practice applicable to CBF Securities. The Clearing System(s) through which the Securities will be cleared will be specified in the Final Terms.

The Final Terms relate to the issue of the Gold Securities:

ISIN Code: IE00B4ND3602

SEDOL: B4R1D93

The Securities will be denominated in USD and the proceeds of Cash Redemption (if any) will be in USD.

There are restrictions on sales of Securities into, amongst other jurisdictions, the United States, the Dubai International Financial Centre, Switzerland and any European Economic Area countries to whose competent authority the Base Prospectus has not been notified.

These restrictions are mainly targeting offerings to the public in the specific jurisdiction unless certain exceptions apply.

The Securities have terms and conditions relating to, among other matters:

Withholding Tax

All payments in respect of the Securities will be made net of and after allowance for any withholding or deduction for, or on account of, any Taxes. In the event that any withholding or deduction for, or on account of, any Tax applies to payments and/or deliveries in respect of the Gold Securities, the Securityholders of such Securities will be subject to such Tax or deduction and will not be entitled to receive amounts to compensate for any such Tax or deduction. No Event of Default will occur as a result of any such withholding or deduction.

Events of Default

If an Event of Default occurs and the Trustee gives the relevant notice, the Gold Securities will immediately become due and payable at their Early Redemption Amount (unless such Securities are already due and payable before such time). The Security over the Secured Property in respect of the Gold Securities will also become enforceable upon the service of such notice.

The Events of Default are:

(i)    the Issuer has defaulted for more than 14 calendar days in the payment of any sum or delivery of any Gold due in respect of the Gold Securities or any of them;

(ii)    the Issuer does not perform or comply with any one or more of its material obligations under the Securities, the Trust Deed or the relevant Security Deed, which default is incapable of remedy or, if in the opinion of the Trustee capable of remedy, is not in the opinion of the Trustee remedied within 30 calendar days (or such longer period as the Trustee may permit) after notice of such default shall have been given to the Issuer by the Trustee (and, for these purposes, a failure to perform or comply with an obligation shall be deemed to be remediable notwithstanding that the failure results from not doing an act or thing by a particular time); or

(iii)   a Bankruptcy Event has occurred with respect to the Issuer.

Governing Law

In respect of the Gold Securities:

(i)    the Securities (and the Trust Deed constituting them) will be governed by Irish law; and

(ii)    the Security Deed and the other Transaction Documents will be governed by English law.

Security

The Gold Securities are secured, limited recourse obligations of the Issuer which rank equally among themselves. The main items of Secured Property are Gold in allocated form held by or on behalf of the Issuer (through the Custodian and/or Sub-Custodians) in the Allocated Account(s) in respect of the Gold Securities and its contractual rights under the relevant documents for such Securities.

New securities issued which form a single series with Gold Securities already in issue and which are expressed to be constituted by the same Trust Deed and secured by the same Security Deed will, upon issue thereof by the Issuer, be secured by the same Secured Property of such Gold Securities (as increased or supplemented in connection with such issue of new securities).

The Secured Property in respect of the Gold Securities will secure, pursuant to an English law governed Security Deed, the obligations of the Issuer to Securityholders under the Securities and other obligations of the Issuer in respect of the Securities.

Limited Recourse

In respect of the Gold Securities, the Securityholders will have recourse only to the Secured Property in respect of the Gold Securities only, subject always to the Security Deed for the Gold Securities, and not to any other assets of the Issuer. If, following realisation in full of the Secured Property of the Gold Securities and application of available assets, any outstanding claim against the Issuer relating to the Gold Securities remains unsatisfied, then such outstanding claim will be extinguished and no obligation will be owed by the Issuer in respect thereof.

Order of Priorities

In respect of the Gold Securities, following (i) an Early Redemption Trade Date, the Issuer shall; or (ii) the service of an Event of Default Redemption Notice, the Trustee shall (subject to the provisions of the relevant Trust Deed and the relevant Security Deed) apply the Secured Property and proceeds derived from the realisation of the Secured Property in relation to of the Gold Securities (whether by way of liquidation or enforcement and after taking account of any Taxes incurred, withheld or deducted by or on behalf of the Issuer) as follows:

(i)    first, in delivery to the Custodian or relevant Sub-Custodian (as applicable) of the Over-allocated Gold;

(ii)    secondly, in payment or satisfaction of all fees, costs, charges, expenses, liabilities and other amounts properly incurred by or payable to the Trustee or any receiver in connection with an Early Redemption and/or an Event of Default relating to the Gold Securities under or pursuant to the relevant Security Deed, the relevant Trust Deed and/or any other Transaction Document (which for the purpose of this Condition 6(b) and the relevant Security Deed shall include, without limitation, any Taxes required to be paid by the Trustee (other than any income, corporation or similar tax in respect of the Trustee's remuneration) and the costs of enforcing or realising all or some of the Security, but shall exclude agreed fees and expenses of a standard and operational nature payable by the Adviser in accordance with Clause 6 (Payment of Fees and Expenses) of the relevant Advisory Agreement);

(iii)   thirdly, in payment or satisfaction of any accrued and unpaid sale proceeds of TER Metal to the Adviser in accordance with Clause 5 (Total Expense Ratio) of the relevant Advisory Agreement in respect of the Gold Securities;

(iv)   fourthly, in payment or satisfaction of the Issuer Series Fees and Expenses in respect of the Gold Securities;

(v)    fifthly, in settlement of any valid Buy-Back Orders that have been accepted and processed but not yet settled through no fault of the relevant Securityholders;

(vi)   sixthly, in payment or delivery of any Early Redemption Amount (after taking into account any deduction or payment of any applicable Early Redemption Fee) owing to the Securityholders pari passu (the number of Securities held by each individual Securityholder shall be aggregated in making such determination); and

(vii)  seventhly, in payment of the balance (if any) to the Issuer.

See Element C.8 above for information on the rights attaching to the Securities.

Interest

The Securities are non-interest bearing.

Metal Entitlement

The Initial Metal Entitlement, being the Metal Entitlement on the issue date of the first Tranche of the Gold Securities, is 0.02 fine troy ounces.

On each subsequent day, the Metal Entitlement in respect of each Security is reduced at a rate equal to the portion of the Total Expense Ratio applicable to such day.

See Element E.7 for information on how the Total Expense Ratio is calculated.

Redemption

Maturity

The Securities will be undated securities with no final maturity date.

Early Redemption of the Securities

If an Early Redemption Event listed in Condition 9(d) occurs or the Trustee serves an Event of Default Redemption Notice with respect to the Gold Securities, all Gold Securities will be redeemed.

An Early Redemption Event will occur following the giving of the relevant notices if:

(a)   the Issuer exercises its call option at any time by giving 10 days' notice that it is redeeming the Gold Securities;

(b)   certain legal or regulatory changes occur in relation to the Issuer;

(c)   the Issuer is, or there is a substantial likelihood that it will be, required to make a payment in respect of, register for or account for VAT; or

(d)   certain key service providers of the Issuer resign or their appointment is terminated and no successor has been appointed within 60 days.

The Trustee may serve an Event of Default Redemption Notice if (i) the Issuer has defaulted for more than 14 days in a payment or delivery in respect of the Securities; (ii) the Issuer does not perform or comply with a material obligation under the terms of the Securities, Security Deed or Trust Deed after the expiry of the relevant grace period; or (iii) a Bankruptcy Event has occurred with respect to the Issuer.

Early Redemption Amount

On an Early Redemption, each Security will, by default, be redeemed for a cash amount in USD equal to the sale proceeds of the Metal Entitlement as at the relevant Early Redemption Trade Date, subject to the deduction of an Early Redemption Fee equal to the costs incurred by or on behalf of the Issuer in connection with such Early Redemption (and after payment and/or delivery in respect of the Issuer's obligations owing to prior ranking creditors). Authorised Participants holding Securities (either directly or via a nominee) may elect to instead receive, subject to the payment of the Early Redemption Fee and provided certain notice requirements are fulfilled, an Early Redemption Amount by way of physical delivery of Gold in an amount equal to the Metal Entitlement of the relevant Securities as at the relevant Early Redemption Trade Date.

Notwithstanding the above, Securityholders (other than Authorised Participants who have elected to receive physical delivery) may elect to receive in lieu of the amounts described above a cash amount in USD equal to the Principal Amount (as defined in Condition 1), being a minimum principal amount payable, subject to the limited recourse provisions, to Securityholders of the relevant Security.

Meetings

The Trust Deed contains provisions for convening meetings of Securityholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of these Conditions or any provisions of the relevant Trust Deed. Such a meeting may be convened by Securityholders holding not less than 10 per cent of the number of the Securities of the Gold Securities for the time being outstanding.

Please see Element C.9 above.

Not applicable as the Securities are non-interest bearing.

Securities issued under the Gold Securities have been admitted to the official list of the UK Listing Authority and have been admitted to trading on the regulated market of the London Stock Exchange.

The Securities may also be admitted to trading on the Frankfurt Stock Exchange and the Borsa Italiana at some point in the future.

For the purposes of the Prospectus Directive, the Principal Amount of each Gold Security shall be regarded as the denomination of such Security.

The Principal Amount of each Gold Security issued pursuant to the Final Terms is US$3.00.

The Securities under the Programme are linked and concentrated to precious metals. Each Security of a Series will have a Metal Entitlement expressed as an amount in weight of the Metal linked to such Series, which is Gold for the Gold Securities.  The Gold Securities can be issued or redeemed at any time by Authorised Participants in exchange for Gold equivalent to the then prevailing Metal Entitlement for the Gold Securities, subject to conditions. 

The Issuer will publish the Metal Entitlement of the Gold Securities notified to it by the Administrator in respect of each day on the website maintained on behalf of the Issuer at www.ishares.com (or such other website as may be notified to Securityholders from time to time).

Not applicable.  The Gold Securities are undated and have no specified maturity date or expiry date.

See Element B.28 above for information on the settlement of the Securities.

See Element C.9 above for information on Interest and Redemptions.

Redemptions of Gold Securities will be in return for an amount of Gold equal to the Metal Entitlement on the redemption date.

The underlying in respect of Gold Securities, which includes the Securities issued pursuant to this individual issue, is Gold.  Such Underlying Metal will be held in allocated form by the Custodian and/or applicable Sub-Custodian(s) in each case in its vaults in London. The Underlying Metal complies with "The Good Delivery Rules for Gold and Silver Bars" published by the LBMA.  Further information relating to Gold and Silver can be found on the website of the LBMA at www.lbma.org.uk.

Factors which could materially adversely affect the Issuer and its ability to make payments due under the Gold Securities include matters of Irish law (such as the Issuer being structured to be insolvency-remote, not insolvency-proof, and changes to the Issuer's tax position adversely affecting cash flows in connection with the Securities), the Securities being limited recourse obligations (meaning that an Securityholder's claim may be extinguished if there is a shortfall in funds available to meet payments under the Securities) and related risks and further issues of Securities by the Issuer.

An investment in the Securities involves a significant degree of risk and investors should read carefully and ensure they understand the "Risk Factors" section of the Base Prospectus. Risks include:

·      The value of the Gold Securities will be affected by movements in the price of Gold, as well as the price of metals in general, market perception, the creditworthiness of certain Transaction Parties and liquidity of the Securities in the secondary market. The price of Gold can go down as well as up and the performance of Gold in any future period may not mirror its past performance.

·      Precious metals are generally more volatile than most other asset classes, making investments in precious metals riskier and more complex than other investments, and the secondary market price of the Securities may demonstrate similar volatility.

·      The reduction of the Metal Entitlement by the Total Expense Ratio and the imposition of the fees on subscriptions and buy-backs may prove unattractive to investors who are interested solely in the price movement of precious metals and there can be no assurance that the performance of Gold will be sufficient to offset the effect of the Total Expense Ratio and such fees.

·      The Issuer may elect to redeem all the Gold Securities early on giving not less than 10 calendar days' notice to Securityholders.

·      The Total Expense Ratio may be varied by the Issuer at the request of the Adviser from time to time after, in the case of an increase, 30 days' notice to Securityholders.

·      VAT may become due on transfers of Gold to or by the Issuer in certain circumstances. This could adversely affect the Issuer's ability to meet its obligations under the Securities in full.

·      Investing in the Securities will not make an investor the owner of the Gold held by the Custodian or a Sub-Custodian on behalf of the Issuer in respect of the Gold Securities. Any amounts payable on a buy-back or Early Redemption of Securities which are not held by Authorised Participants will be in cash.

·      An investor who is not an Authorised Participant can only realise value from a Security prior to an occurrence of an Early Redemption by selling it at its then market price to an Authorised Participant or to other investors on the secondary market.

·      The Principal Amount operates as a minimum repayment amount on Early Redemption. In the event that the Metal Entitlement of the Gold Securities is insufficient to pay the Principal Amount to all Securityholders who have elected to receive the Principal Amount, such Securityholders may not receive payment of the Principal Amount in full and may receive substantially less.

·      The Issuer is exposed to the credit of a Metal Counterparty if it does not perform its obligations under its Metal Sale Agreement.

·      The Custodian is required, under the Custody Agreement, to verify that the Gold delivered by Authorised Participants in exchange for Securities complies with "The Good Delivery Rules for Gold and Silver Bars" published by the LBMA. Such verification may not fully prevent the deposit of Gold by Authorised Participants that fail to meet the required purity standards. The Issuer is exposed to the credit of the Custodian if it does not perform its obligations under the Custody Agreement.

·      The Arranger and Adviser, Trustee, Custodian, Registrars, Authorised Participants, Metal Counterparties and/or their affiliates may actively trade or hold positions in the Gold and other financial instruments based on or related to Gold. Such activities present conflicts of interest and could adversely affect the price and liquidity of Securities.

Please refer to Element D.3 above.

Prospective investors should note that there can be no assurance that the redemption proceeds received by Securityholders following an Early Redemption or Event of Default will be greater than or equal to the amount invested by any Securityholder and that an investor may lose the entire value of their investment or part of it in the unlikely event that Gold prices fall to zero or close to zero.

The net proceeds from the issue of the Gold Securities will be an amount of allocated Gold which will be held in Allocated Accounts in respect of the Gold Securities. Such Underlying Metal shall be used to meet the Issuer's obligations under the Gold Securities.

Only an Authorised Participant of the Gold Securities may request that the Issuer issues Gold Securities by delivering a Subscription Order. The Issuer has absolute discretion to accept or reject in whole or in part any such subscription request. Authorised Participants subscribing for Gold Securities will be required to transfer to the Issuer an amount of Gold equal to the product of the relevant Metal Entitlement and the number of Securities being subscribed, plus a Subscription Fee. The Metal Entitlement applicable for the first Tranche of Gold Securities that is issued by the Issuer will be the Initial Metal Entitlement for the relevant Series, and the Metal Entitlement applicable for subsequent Tranches of Gold Securities issued by the Issuer will be the Metal Entitlement on the Subscription Trade Date for the relevant issue. Prior to any issue of Gold Securities, such Gold must be allocated by the Custodian (or a Sub-Custodian) to an Allocated Account for the Gold Securities.

The Issuer may buy back all or some of the Securities. Only an Authorised Participant of the Gold Securities may request that the Issuer buys back Gold Securities unless a Non-AP Buy-Back Notice has been issued by the Issuer (at its discretion) and the related procedure has been followed. Securities bought back from Authorised Participants will be subject to a Buy-Back Fee and will be settled by physical delivery of an amount of Gold equal to the product of the Metal Entitlement as at the relevant Buy-Back Trade Date and the aggregate number of Securities to be repurchased.

In limited circumstances (such as when there are no Authorised Participants), the Issuer may, in its sole discretion, by issuing a Non-AP Buy-Back Notice, allow Securityholders who are not Authorised Participants to request that the Issuer buy back Gold Securities. Securities bought back from each Non-Authorised Participant Securityholder will be subject to a Buy-Back Fee and will be for a cash amount in USD equal to the sale proceeds of the Metal Entitlement as at the relevant Buy-Back Trade Date.

During the life of the Securities, Securityholders can buy and sell Securities on each exchange on which the Securities are listed from time to time through financial intermediaries.

An investor intending to acquire or acquiring any Securities from an Authorised Participant will do so, and offers and sales of the Securities to an investor by an Authorised Participant will be made, in accordance with any terms and other arrangements in place between such Authorised Participant and such investor including as to price, allocations and settlement arrangements. Neither the Issuer nor the Arranger will be a party to any such arrangements with investors (except where the Arranger itself offers Securities to an investor) and, accordingly, the Base Prospectus and the Final Terms may not contain such information and, in such case, an investor must obtain such information from the relevant Authorised Participant or the Arranger, as applicable. Investors should however note the following:

Amount of the offer: The number of Securities subject to the offer will be determined on the basis of the demand for the Securities and prevailing market conditions and be published.

Offer Price: The offer price per Security will be the delivery of the Metal Entitlement specified in the Final Terms, subject to any applicable fees and commissions of the person offering such Security.

Offer Period: Securities may be offered at any time between the Issue Date of the first Tranche of the Gold Securities and the Maturity Date of the Gold Securities.

Publication of a Supplement: If the Issuer publishes a supplement to the Base Prospectus pursuant to Article 16 of the Prospectus Directive which relates to the Issuer or the Securities, investors who have already agreed to purchase Securities before the supplement is published shall have the right to withdraw their acceptances by informing the relevant distributor in writing within two working days (or such other longer period as may mandatorily apply in the relevant country) of publication of the supplement. The terms and conditions of the Securities and the terms on which they are offered and issued will be subject to the provisions of any such supplement.

The Arranger and Adviser, Trustee, Custodian, Registrars, Authorised Participants, Metal Counterparties and/or their affiliates may actively trade or hold positions in Gold and other financial instruments based on or related to Gold.

The Total Expense Ratio ("TER") of 0.25% per annum for the Gold Securities issued pursuant to the Final Terms is applied to the Metal Entitlement on a daily basis to determine a daily deduction of an amount of Gold from the Metal Entitlement.

The TER in respect of the Gold Securities may be varied by the Issuer on the request of the Adviser from time to time, provided that, no increase in the TER in respect of the Gold Securities will take effect unless Securityholders of the Gold Securities have been given at least 30 calendar days' prior notice.

The TER in respect of the Gold Securities from time to time and any proposed change to the TER of the Gold Securities shall be published on the website maintained on behalf of the Issuer at www.ishares.com.