J.P. Morgan Chase Bank, N.A., London serves as Nordheim Capital’s custodian under the ETC programme and is responsible for the receipt, custody and administrative handling of the underlying precious metals held as collateral, in accordance with the applicable terms and custody agreements. The precious metals are held in physical form in vaults that meet recognised industry standards and may, depending on the relevant series, be held on either an allocated and/or unallocated basis.