Resignation of Administrator and CSP

The Issuer hereby notifies you that on 2 December 2022 it received notification from Apex Fund Services (Ireland) Limited ("Apex FS") of Apex FS's intention to resign from its role as administrator under the Elementum Physical Metal ETC Securities Programme (the "Programme") with effect from 2 March 2023 or such earlier date as mutually agreed between the Issuer and Apex FS.

The Issuer also received notification from Apex IFS Limited ("Apex CSP") on 2 December 2022 of Apex CSP's intention to resign from its role as corporate services provider under the Programme with effect from 2 March 2023 or such earlier date as mutually agreed between the Issuer and Apex CSP.

NTree International Limited, acting in its role as arranger of the Programme, is actively engaging with potential replacement administrators and corporate services providers with a view to having replacements appointed on or before 2 March 2023. The Issuer notes that Clause 15.6 of the administration agreement entered into in connection with each of the ETC Securities specifies that no resignation of the administrator will take effect until a replacement administrator has been appointed.

Given by the Issuer.