Bullion Bank - A bank that provides a variety of bullion dealing services to Custodial Participants to support the deposit and withdrawal of gold on the TWM platform.

Custodial Participant - An entity that maintains an account on the DL and is authorized to deposit and withdraw gold on the TWM platform.

Distributed Ledger - ("DL") A technology protocol developed by TWM and operated by various participants on the TWM platform, including, among others, TWM, Custodial Participants, and Vaults. The DL records ownership of gold by participants on the platform.

Electronic Market - An electronic OTC inter-dealer trading system, managed by TWM, where gold recorded on the DL can be bought and sold in exchange for US Dollars or other currencies.

Trading Participant - An entity that engages in or provides order entry and trading access to the TWM Electronic Market.

Vault - Trusted LBMA approved facility that provides secure storage of physical gold on the TWM platform and that certifies balances recorded on the TWM DL.