ETFS Commodity Securities Limited - October 2006

Robert Hickling advised ETFS Commodity Securities Limited in relation to the establishment of a ground-breaking programme for the issue of up to 2,000,000,000 Commodity Securities comprising twenty nine different classes of security each linked to the price of a different commodity or basket of commodities. Commodity Securities enable investors to gain exposure to the global commodities markets without having to trade commodity futures or take physical delivery of actual commodities. The commodity securities were admitted to listing by the UKLA and admitted to trading in September 2006 on the London Stock Exchange. The London Stock Exchange is, as a result, the only exchange in the world to offer securities covering all of the major commodities and commodity groups. The Commodity Securities are backed by commodity futures contracts purchased from major commodity contract counterparties, such as American International Group, Inc.. Fortis Bank Global Clearing N.V. acted as initial market maker to provide liquidity for the Commodity Securities.