Custody Changes

ETFS Metal Securities Limited

15 August 2014

ETFS Metal Securities Limited

ETFS Metal Securities Limited (the "Issuer") announces that it has entered into agreements (the "New Custodian Agreements") amending and restating the Initial Custodian Agreements with HSBC Bank USA, N.A., the Initial Custodian.

Under the New Custodian Agreements, the Initial Custodian may employ up to two sub-custodians (the "Silver Sub-Custodians") solely for the custody and safekeeping of silver in a Silver Sub-Custodian's vault premises. The Initial Custodian will use reasonable care in selecting any Silver Sub-Custodian. As of the date of the New Custodian Agreements, the Silver Sub-Custodian that the Initial Custodian uses is Malca Amit. Nothing in this paragraph limits the Initial Custodian's liability with respect to silver held by a Silver Sub-Custodian. The Initial Custodian will require any Silver Sub-Custodian to segregate the silver from any silver which they hold for the Initial Custodian and any other customers of the Initial Custodian by making appropriate entries in their books and records. The Initial Custodian must give to the Silver Sub-Custodian notices in the form specified in the New Custodian Agreements and ensure that the Silver Sub-Custodian delivers to the Trustee (with a copy to the Issuer) acknowledgements in the form specified in the amended and restated Initial Custodian Agreements prior to delivery of any silver to it.

The New Custodian Agreements have a prescribed fixed term so that the Trustee or the Issuer, as applicable, and the Initial Custodian may only terminate the Custodian Agreements prior to 30 September 2015 in the following circumstances:

(i) the Initial Custodian ceases to offer the services contemplated by the relevant Custodian Agreement to its clients or proposes to withdraw from the Bullion (as defined in the Custodian Agreements) business;

(ii) it becomes unlawful for the Initial Custodian to be a party to the relevant Custodian Agreement or to offer its services on the terms contemplated by such agreement or it becomes unlawful for the Trustee or the Issuer to receive such services or be a party to such agreement;

(iii) there is any event which, in the Initial Custodian's sole view, indicates the Issuer's insolvency or impending insolvency; or

(iv) there is any event which, in the Issuer's sole view, indicates the Initial Custodian's insolvency or impending insolvency.

Following 30 September 2015, the Trustee or the Issuer, as applicable, and the Initial Custodian may terminate the New Custodian Agreements by giving not less than 90 days' written notice to the other parties.

Save as described above there are no material differences between the New Custodian Agreements and the Initial Custodian Agreements as described in the base prospectus (the "Prospectus") of the Issuer dated 22 August 2013.

Terms used in this announcement and not defined herein bear the same meaning as where used in the Prospectus.

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]

Ends