MERK Investments LLC

Item 5: Fees and Compensation

Item 5.A.

Management Fees

For the ETP, detailed information on the terms and conditions of fees payable to Merk Investments are
disclosed in the relevant prospectus. Merk Investments is the “Sponsor” of the ETP and the ETP pays a
“Sponsor’s Fee” of 0.25% of the net asset value of the ETP. In exchange for the Sponsor’s Fee, Merk
Investments assumes the ordinary administrative and marketing expenses that the ETP is expected to incur.
The Sponsor’s Fee accrues daily based on the prior business day’s net asset value and is payable in shares
of the ETP on a monthly basis in arrears. Merk Investments has discretion to waive all or a portion of the
Sponsor’s Fee but at this time does not intend to waive any of its fees.

For investment advisory services provided the Closed-End Fund pays “Advisers Fees” to Merk Investments
at an annual rate of 0.70% of the annual average daily net assets of the Closed-End Fund. Adviser Fees are
accrued by the Closed-End Fund daily and shall be payable monthly in arrears on the first business day of
each calendar month for services performed during the prior calendar month. From time-to-time, Merk
Investments can reimburse expenses of the Closed-End Fund or waive the Adviser Fees to the extent
necessary to maintain the Closed-End Fund’s expense ratio at an agreed-upon amount for a period of time
specified by the parties in a separate letter of agreement. The annual report for the Closed-End Fund
elaborates on the details of a voluntary fee waiver for net assets above $300 million and $500 million.

These fees are not negotiable.

Item 5.B.

The custodian or administrator to the Pooled Vehicles will deduct fees and compensation from the
applicable Pooled Vehicle assets for advisory services due to Merk Investments as incurred and at the times
described above in Item 5.A. Fees and compensation are deducted on a monthly basis in arrears. For the
ETP, in lieu of paying the Sponsor’s Fee in cash, the Trustee issues shares of the ETP to the Sponsor.

Item 5.C.

Other Fees Earned and Expenses allocated by Merk Investments

The Closed-End Fund bears fees and expenses related to its operations, including, among others, custodial
fees, taxes, foreign investment license fees, administrative fees, legal expenses, audit fees, regulatory fees,
transaction costs, brokerage commissions, and other fees and taxes charged by broker-dealers and other
counterparties in connection with effecting portfolio transactions.

Please also see Item 12 for a description of brokerage practices.

Item 5.D.

Generally, fees earned by Merk Investments for advisory and related services are payable by Clients
monthly in arrears based on the net asset value of Client accounts however, other fee arrangements may be
negotiated.

                               Merk In v estm en t s LLC
                              104 2 U n i ve rs i ty A ve , Pal o A lt o, CA 943 01

Item 5.E.

Merk Investments is compensated solely for providing advisory services, and not for the sale of securities
or other investment products, and mutual funds.

The Management Fees described above in Item 5.A (and any performance allocations Merk Investments
may receive) are structured to comply with Rule 205-3 under the Advisers Act and any applicable state
laws.

Item 7: Types of Clients

Merk Investments provides discretionary investment advice to a registered investment company and a
grantor trust. The Firm has in the past provided (and may in the future) investment management services
to sophisticated investors through privately offered investment funds.