AMENDMENTS TO PECUNIX USER AGREEMENT - 2002-10-12

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2. INTERPRETATION

Escrow Agent means the fully independent entity appointed by Issuer or Bullion Agent to certify:

4. OBLIGATIONS OF ISSUER

4.8 Issuer will accept and facilitate bailment and redemption of bullion, in accordance with procedures predetermined by this Agreement and Issuer, Custodian and Escrow Bullion Agent.

5.GOVERNANCE

5.1 Issuer acknowledges the fundamental importance of the integrity and governance of the Pecunix System and has appointed fully independent and suitably qualified entities to fulfil the roles of Custodian, Auditor, Escrow Agent, Bullion Agent, database/website operator and Repository. Issuer reserves the right to replace each and any of these entities should they become unable or unsuitable to fulfil their designated roles but Issuer may only replace an entity with another entity with suitable qualifications and which is independent of Issuer.