Changes to Conditions

ETFS Metal Securities Limited

13 October 2016

ETFS Metal Securities Limited

ETFS Metal Securities

ETFS Metal Securities Limited (the "Issuer") hereby announces that, pursuant to a supplemental trust instrument dated 12 October 2016 between the Issuer and the Trustee, certain changes are being made to the Conditions with effect from 14 October 2016, being the Effective Date for the purposes of the supplemental trust instrument, to remove certain provisions that no longer apply and to enable Authorised Participants to request the Redemption of Metal Securities through a website operated by or on behalf of the Issuer.

The changes to the Conditions are as follows:

1. in the second paragraph the words 'a second supplemental trust instrument dated 11 December 2009 (the "Second Supplemental Trust Instrument"), a third supplemental trust instrument dated 20 August 2013 and a fourth supplemental trust instrument dated 13 August 2014' will be deleted and replaced with the following:

'a second supplemental trust instrument dated 11 December 2009 (the "Second Supplemental Trust Instrument"), a third supplemental trust instrument dated 20 August 2013, a fourth supplemental trust instrument dated 13 August 2014 and a fifth supplemental trust instrument dated 12 October 2016';

2. the definition of "T+2 Implementation Date" in Condition 1.1 will be deleted;

3. the following new definition will be inserted in Condition 1.1 before the definition of "Tax":

'"System" means the system enabling Authorised Participants to request the issue and Redemption of Metal Securities via a website operated by or on behalf of the Issuer';

4. the definition of "Redemption Form" in Condition 1.1 will be amended by adding at the end the words "and includes a Redemption Order and reference to a copy of a Redemption Form in the context of a Redemption Order includes a copy of a report generated through the System containing the details of such Redemption Order";

5. the following new definition will be inserted in Condition 1.1 before the definition of "Registers":

'"Redemption Order" means a request to Redeem Metal Securities given through the System';

6. Condition 6.4.3 will be amended by inserting after the word "must" the words "(save in the case of a Redemption Order)";

7. Condition 6.6.2 will be amended by adding at the end the words "(as applicable)";

8. Condition 6.10.1 will be amended by inserting after the words "the Trustee shall" the words "upon receipt of a copy of the Redemption Form delivered by or on behalf of the Issuer in accordance with the Trust Instrument,";

9. Condition 6.11.2 will be amended by inserting after the words "the Trustee" the words ", upon receipt of a copy of the Redemption Form delivered by or on behalf of the Issuer in accordance with the Trust Instrument";

10. in Condition 6.12 the words "be (i) in the case of a Redemption in respect of which the Redemption Notice Date is prior to the T+2 Implementation Date, the third Business Day following such Redemption Notice Date or (ii) in the case of a Redemption in respect of which the Redemption Notice Date is on or after the T+2 Implementation Date, the second Business Day following such Redemption Notice Date, provided in each case" will be replaced by the words "be the second Business Day following the applicable Redemption Notice Date, provided";

11. Condition 25.4 will be amended by adding after the words "Any Redemption Form" the words ", other than a Redemption Order"; and

12. Condition 25.5 will be amended by adding after the words "Any Redemption Form" the words ", other than a Redemption Order".

Terms used herein and not otherwise defined bear the same meanings as where used in the base prospectus of the Issuer dated 17 May 2016.

For further information, please contact:

Richard Parker,

R&H Fund Services (Jersey) Limited

Tel: +44 (0) 1534 825200

Fax: +44 (0) 1534 825335

E-mail address: [email protected]