USD 4,788,026,030 Total equity and liabilities USD 4,788,084,917 B.3 What are the key risks that are specific to the Issuer? The Issuer has been established as a special purpose vehicle for the purpose of establishing the programme and issuing multiple series of asset backed securities, holding the relevant underlying precious metals, and entering into, and performing its obligations under, agreements related to the foregoing. The Issuer has, and will have, no assets other than its issued and paid-up share capital, such fees (as agreed) payable to it in connection with the issue of Certificates or entry into other obligations from time to time and any assets on which Certificates or other obligations are secured.