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Legal Framework of the Deposit

Each deposit is evidenced by a custody certificate issued in the name of the holder. The certificate identifies the holder and describes the metals held. The following provisions apply to every deposit.

1. Bailee status

Procyon Custody Ltd acts exclusively as custodian (bailee). The metals designated in the certificate are the exclusive, direct and inalienable property of the identified holder (beneficial owner).

2. Off-balance sheet

These assets are in no case the property, an asset or a debt instrument of Procyon Custody Ltd or of Procyon Metals Ltd. They are recorded in third-party accounts off-balance sheet and cannot be seized by the creditors of Procyon Custody Ltd, Procyon Metals Ltd or their subsidiaries.

3. No re-hypothecation

Procyon Custody Ltd is formally prohibited from selling, assigning, pledging, lending, re-hypothecating or otherwise disposing of the designated metals without prior, formal, written and verified instruction from the holder or their duly authorised representative.

4. Transfer & withdrawal

The metals are kept in the designated bonded warehouse and may only be withdrawn or transferred on the express order of the holder, subject to the applicable dual-verification security procedures.

The provisions above summarise the legal nature of the deposit. The custody certificate issued to each holder is the reference document.