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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 15 / 32





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the COMEX (a division of the NYMEX) is available by subscription from Reuters and

Bloomberg and also on a delayed basis free of charge on the NYMEX Web site at

http://www.nymex.com. The Exchange also notes that there are a variety of other public Web

sites providing information on silver, ranging from those specializing in precious metals to sites

maintained by major newspapers, such as The Wall Street Journal. Current silver spot prices are

also generally available with bid/ask spreads from silver bullion dealers.

The Amex, via a link to the Trust’s Web site, will provide at no charge continuously

updated bids and offers indicative of the spot price (i.e., real time information) of silver on its

own public Web site at http://www.amex.com.36

community. Approximately 500,000 ounces in gold, 4 million ounces in silver and $110 billion a day in spot foreign exchange transactions is traded each day over the EBS trading platform. The shareholders of EBS include the subsidiaries of the following organizations: ABN AMRO, Bank of America, Barclays, Citibank, Commerzbank, Credit Suisse First Boston, Lehman Brothers, HSBC, JPMorgan Chase, The Royal Bank of Scotland, S-E-Banken, UBS AG and the Minex Corporation of Japan. See http://www.ebs.com.


The Trust Web site’s silver spot price will be provided by TheBullionDesk at http://www.thebulliondesk.com. The Amex will provide a link to the Trust Web site. TheBullionDesk is not affiliated with the Trust, Sponsor, Custodian or the Exchange. The silver spot price is indicative only, constructed using a variety of sources to compile a spot price that is intended to represent a theoretical quote that might be obtained from a market maker from time to time. The Trust Web site will indicate, as noted above in the discussion titled ‘‘Availability of Information Regarding Silver Prices,’’ that there are other sources for obtaining the silver spot price. In the event that, during Amex trading hours, the Trust Web site should cease to provide this indicative silver spot price from an unaffiliated source and the intraday “Indicative Trust Value” of the Shares is not disseminated via the CTA, the Exchange will delist the shares. See “Criteria for Initial and Continued Listing,” below.


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