Participant Agreement



 Exhibit 4.2 

CURRENCYSHARES® CHINESE RENMINBI TRUST 
 PARTICIPANT
AGREEMENT 
 This Participant Agreement (this “Agreement”), dated as of September 13, 2011, is
entered into by and between Merrill Lynch Professional Clearing Corp. (with respect to this Agreement, the “Authorized Participant”, and with respect to the Trust Agreement referred to below, an “Authorized
Participant”), CurrencyShares® Chinese Renminbi Trust (the “Trust”), The Bank of New
York Mellon, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee”) of the Trust, and Rydex Specialized Products LLC, d/b/a Rydex Investments, as sponsor (the “Sponsor”)
of the Trust. 
 SUMMARY 
 The Trustee serves as the trustee of the Trust pursuant to the Depositary Trust Agreement dated as of August 16, 2011 among the Sponsor, the Trustee, and all depositors (the “Trust
Agreement”). As provided in the Trust Agreement and described in the Prospectus (defined below), units of fractional undivided beneficial interests in and ownership of the Trust (the “Shares”) may be created or redeemed by
the Trustee for an Authorized Participant in aggregations of fifty thousand (50,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the registration statement of the Trust on Form S-1, as amended
(Registration No: 333-174640), as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter (collectively, the “Registration Statement”),
together with the prospectus of the Trust in the form first filed with the SEC pursuant to Rule 424 and as supplemented and amended from time to time thereafter (the “Prospectus”) adopted under the Securities Act of 1933, as amended
(the “1933 Act”). Under the Trust Agreement, the Trustee is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants under the Trust Agreement, only through the facilities of The Depository Trust Company
(“DTC”) or a successor depository, and only in exchange for an amount of Chinese Renminbi that is transferred between such Authorized Participant and the Trust. Under the Trust Agreement, the Trustee issues Baskets in exchange for
Chinese Renminbi which are transferred by an Authorized Participant to the London Branch of JPMorgan Chase Bank, N.A. (the “Depository”), and when the Trustee redeems Baskets tendered for redemption by an Authorized Participant in
exchange for Chinese Renminbi, the Chinese Renminbi held in the Trust Account are transferred to the Authorized Participant by the Depository. The foregoing Chinese Renminbi transfers are also governed by the Deposit Account Agreement the Trust has
entered into with the Depository (the “Deposit Account Agreement”). This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. 

Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a “distribution,” as such term is
used in the 1933 Act, may be occurring. The Authorized Participant is cautioned that some of its activities, depending on the circumstances and under certain possible interpretations of applicable law, could be interpreted as resulting in its being
deemed a participant in a distribution in a manner that could render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. Notwithstanding that the Authorized Participant may not be acting as
a statutory underwriter, it should review the “Plan of Distribution” portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined below). 

Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To the extent there is a
conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. Nothing in this Agreement shall obligate the Authorized Participant to create or redeem one or more
Baskets or to sell or offer to sell Shares. 







 To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set
forth below, the parties hereto agree as follows: 
 Section 1. Order Placement. To place orders for the Trustee to create or redeem
one or more Baskets, Authorized Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the “Procedures”), as each may
be amended, modified or supplemented from time to time in accordance with this Agreement. To the extent that there is a conflict between the terms in the body of this Agreement and the Procedures, the Procedures shall govern. 

Section 2. Status, Representations and Warranties of the Parties. 
 (a) The Authorized Participant represents and warrants and covenants the following on the date hereof and at each time of purchase by the Authorized Participant of a Basket from the Trust (each such time,
the “Time of Purchase”), that: 
 (i) The Authorized Participant is a participant of DTC (as such a participant, a
“DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give prompt notice to the Trustee of such event, and this Agreement shall terminate immediately as of the date the
Authorized Participant ceased to be a DTC Participant. 
 (ii) Unless Section 2(a)(iii) applies, the Authorized Participant
either (A) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of Financial Industry Regulatory Authority, Inc. (“FINRA”), or
(B) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business
so requires. In connection with the purchase or redemption of Baskets and any related offers or sales of Shares, the Authorized Participant will maintain any such registrations, qualifications and membership that are necessary for it to carry out
its obligations under this Agreement in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and the FINRA/NASD Conduct Rules (if it is a FINRA member) to the extent the foregoing relate to the Authorized Participant’s transactions in
and activities with respect to the Baskets, and will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. 
 (iii) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be
registered or qualified as a registered broker-dealer with the SEC or a member of FINRA as set forth in Section 2(a)(ii) above, the Authorized Participant will, in connection with such offers and sales, (A) observe the applicable laws of
the jurisdiction in which such offer and/or sale is made, (B) comply with prospectus delivery and other requirements applicable to it, and (C) conduct its business in accordance with the FINRA/NASD Conduct Rules, in each case to the extent
the foregoing relate to the Authorized Participant’s transactions in, and activities with respect to, the Baskets. 
 (iv)
The Authorized Participant has written policies and procedures reasonably designed to comply with the anti-money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT) Act of 2001, and the regulations promulgated thereunder (“USA PATRIOT Act”), if the Authorized Participant is subject to the requirements of the USA PATRIOT Act. 

  
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 (v) The Authorized Participant has the capability to send and receive communications via
authenticated telecommunication facility to and from the Trustee and the other agents of the Trust. The Authorized Participant shall confirm such capability to the reasonable satisfaction of the Trustee by the end of the Business Day, if so
requested, before placing its first order with the Trustee (whether such order is to create or to redeem Baskets). 
 (b) The
Sponsor represents, warrants, covenants and agrees that: 
 (i) (A) on the effective date of the Registration Statement and
at each Time of Purchase, the Trust’s Registration Statement shall be effective and no stop order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted or, to the Sponsor’s
knowledge, will then be contemplated by the SEC; (B) the Registration Statement complies in all material respects with the requirements of the 1933 Act, and the Prospectus complied as of its date, and complies at the Time of Purchase, in all
material respects with the requirements of the 1933 Act and the conditions to the Trust’s use of Form S-1 have been satisfied; (C) the Registration Statement does not, as of its effective date, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (D) the Prospectus will not, as of its date and at the Time of Purchase, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and, (E) as of 4:00 p.m. on the date of this
Agreement (the “Time of Sale”), the documents comprising the Disclosure Package (as defined below) did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in the Registration
Statement, the Prospectus or the Disclosure Package in reliance upon and in conformity with information concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to the Sponsor expressly for use
therein. The “Disclosure Package” is the Prospectus and any amendments and supplements thereto at the Time of Sale and any free writing prospectus as defined in Rule 405 of the 1933 Act (a “FWP”) prepared by, for or
on behalf of the Sponsor before the Time of Sale and intended for general distribution; 
 (ii) the Shares, when issued and
delivered against payment of consideration therefor, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and
similar rights; 
 (iii) the Sponsor has been duly organized and, on the effective date of the Registration Statement and at each
Time of Purchase, will be validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to act as the sponsor of the Trust as described in the Registration Statement and the
Prospectus included therein, and has all requisite power and authority to execute and deliver this Agreement; 

  
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 (iv) at the time the Sponsor makes an offer of Shares following the filing of the
Registration Statement, neither the Trust nor the Sponsor will be an “ineligible issuer” as defined in Rule 405 of the 1933 Act; and 
 (v) it will provide the Authorized Participant and its agents with reasonable access, through teleconference and at no cost to the Authorized Participant, during regular business hours to its personnel,
and, if applicable, to use reasonable commercial efforts to provide access to the personnel of its counsel, sufficient, in the reasonable judgment of the Authorized Participant, for it to carry out due diligence with respect to this Agreement, as
amended from time to time. The foregoing access through teleconference shall be limited to (i) once annually upon request from the Authorized Participant, and (ii) upon amendment, modification or supplementation to the Agreement, for any
reason other than to comply with applicable law, rule or regulation. For any additional due diligence efforts, conducted through teleconference or otherwise, the Authorized Participant shall bear all reasonable expenses incurred in connection
therewith, including the reasonable costs of the Sponsor’s counsel. 
 Section 3. Orders. 

(a) All orders to create or redeem Baskets shall be made in accordance with the terms of the Trust Agreement, the Deposit Account
Agreement, this Agreement and the Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use
is reflected in the Procedures, provided that the Trustee shall promptly provide copies of recordings of any such calls to the Authorized Participant upon reasonable request by the Authorized Participant unless such recordings have been erased or
destroyed prior to receipt of such request in the normal course of business in accordance with the recording party’s general recordkeeping policies and procedures. The Trustee and Sponsor may issue additional or other procedures from time to
time relating to the manner of creating or redeeming Baskets, and the Authorized Participant will comply with such procedures of which it has received notice in accordance with Section 18(c), provided that any revised procedures shall not apply
retroactively to orders submitted prior to such change in procedures or prior to the time at which the Authorized Participant receives notice of any such change. 
 (b) The Authorized Participant acknowledges and agrees that each order to create a Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order”,
and each Purchase Order and Redemption Order, an “Order”) may not be revoked by the Authorized Participant upon its delivery to the Trustee. A form of Purchase Order is attached hereto as Exhibit B and a form of Redemption Order is
attached hereto as Exhibit C. Notwithstanding the foregoing, the Trustee agrees to use reasonable efforts to facilitate cancellation of an Order upon prompt inquiry from the Authorized Participant after placing such Order and only where the written
cancellation of the Order has been delivered to the Trustee (by the method permitted for delivery of the Order to the Trustee) not later than the Order Cut-Off Time, or Early Order Cut-Off Time, as applicable. 

(c) The delivery of the Shares to the Authorized Participant against deposits of Chinese Renminbi in connection with a Purchase Order may
be suspended generally, or refused with respect to particular requested deliveries, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee or the


  
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Sponsor for any reason at any time or from time to time. Except as otherwise provided in the Trust Agreement, the surrender of Shares to the Trustee for purposes of withdrawing Chinese Renminbi
in connection with a Redemption Order may not be suspended. 
 Section 4. Chinese Renminbi Transfers. Any Chinese Renminbi to be
transferred in connection with any Order shall be transferred between the Authorized Participant’s account and the Trust’s deposit accounts established for such transfers pursuant to the Deposit Account Agreement (the “Deposit
Accounts”) in accordance with the Procedures. The Authorized Participant shall be responsible for all costs and expenses relating to or connected with any transfer of Chinese Renminbi between its account and the Deposit Accounts, including
any late fees and other charges, if any, caused by the Authorized Participant and for which the Trustee becomes responsible in the event that Chinese Renminbi are not transferred from the Authorized Participant’s account in accordance with the
Procedures. 
 Section 5. Fees. 
 (a) In connection with each Order by the Authorized Participant to create or redeem one or more Baskets, the Trustee shall charge, and the Authorized Participant shall pay to the Trustee, the transaction
fee prescribed in the Trust Agreement applicable to such creation or redemption. The initial transaction fee shall be five hundred dollars ($500). The transaction fee may be waived or otherwise adjusted from time to time as set forth in the
Prospectus. 
 (b) In addition to the fee described in Section 5(a), in connection with each Order by the Authorized
Participant to create or redeem two or more Baskets, the Sponsor shall charge, and the Authorized Participant shall pay to the Sponsor, an additional transaction fee applicable to such creation or redemption. The additional transaction fee shall
range from five hundred dollars ($500) to two thousand dollars ($2,000), based on the number of Baskets created or redeemed per Order. The additional transaction fee may be waived or otherwise adjusted from time to time as set forth in the
Prospectus or the Procedures. 
 (c) Remittance of payment for the transaction fees set forth in Sections 5(a) and 5(b) shall be
made in accordance with the Procedures. 
 Section 6. Authorized Persons. Concurrently with the execution of this Agreement and from
time to time thereafter, the Authorized Participant shall deliver to the Trustee notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the names and
signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The
Trustee may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Trustee receives a superseding certificate bearing a subsequent
date, which shall be delivered in accordance with the notice provisions set forth in Section 18(c), but which also may be delivered in PDF format via e-mail with the original concurrently sent to the Trustee by regular mail, postage prepaid.
Notwithstanding the foregoing sentence, upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give written notice, including, but not limited to, electronic mail, of
such fact to the Trustee and such notice shall be effective upon receipt by the Trustee. The Trustee shall issue to each Authorized Person a unique personal identification number (the “PIN”) by which such Authorized Person shall be
identified and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The PIN shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the
Authorized Person’s PIN is changed, the new PIN shall become effective on a date mutually agreed upon by the Authorized Participant and the Trustee. Upon receipt of notice of revocation of authority of an Authorized Person by the Authorized
Participant, the Trustee shall revoke access of such Authorized Person to the electronic entry systems through which Order are submitted and, from that time, no longer accept Orders submitted by such person on behalf of the Authorized Participant.


  
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 Section 7. Redemption. To facilitate orderly delivery of Chinese Renminbi to the Authorized
Participant’s Account on T+3, the Authorized Participant shall place with the Trustee on T+1 redemption Shares or collateral in the form of U.S. Dollars having a value at least equal to 105% of the NAV per Share of the redemption Shares to be
delivered, which collateral shall be marked to market daily by the Trustee and the Authorized Participant until the delivery of the redemption Shares or the exercise of a buy-in by the Trust, as further described below. The Trustee shall return such
collateral in its entirety upon delivery of all redemption Shares. The parties hereto further agree that the Trust, acting in good faith, may apply the collateral to purchase the undelivered Shares at any time after T+3 and the Authorized
Participant agrees to accept liability for any shortfall between the cost to the Trust of purchasing such Shares and the value of the collateral. Neither the Sponsor nor the Trustee shall have any liability to the Authorized Participant for any
application of the collateral or other action taken as provided in this paragraph. 
 The Authorized Participant further represents and warrants
that it will not obtain an Order Number (as described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it owns outright or has full legal authority and legal and beneficial right to
tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party, borrowed or temporarily obtained from another party and are not the
subject of any agreement, including any repurchase agreement or securities lending agreement or any other arrangement, which, under the circumstances, would preclude the delivery of such Baskets to the Trustee on the third Business Day following the
date of the Redemption Order. 
 Section 8. Role of Authorized Participant. 

(a) The Authorized Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant
is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the Sponsor, the Trustee or the Depository, in any matter or in any respect. 

(b) The Authorized Participant will, to the extent reasonably practicable, make itself and its employees available, upon request, during
normal business hours to consult with the Trustee, the Depository or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement, provided that the Authorized Participant shall be under no
obligation to divulge or otherwise discuss any information that the Authorized Participant believes is confidential or proprietary in nature. 
 (c) The Authorized Participant will maintain records of all sales of Shares made by or through it as required by law and will furnish copies of such records to the Sponsor upon the reasonable request of
the Sponsor, subject to any privacy or confidentiality obligations it may have to its customers or other obligations arising under federal or state securities laws or the applicable rules of any self regulatory organization. The Sponsor will not use
any information provided by the Authorized Participant pursuant to this paragraph or disclose such information to others except in connection with the performance of its duties and responsibilities hereunder, including making servicing and
informational mailings related to the Trust, or except as may be required by applicable law. For the avoidance of doubt, all such information provided by the Authorized Participant shall be confidential and shall not be provided to any third parties
or employees of the Trust or the Trustee other than those with a need to know or used for any purpose other than to satisfy regulatory requests. 
 Section 9. Indemnification. 
 (a) The Authorized Participant hereby
indemnifies and holds harmless the Trustee, the Depository, the Trust, the Sponsor, their respective direct or indirect affiliates (as defined below) and their respective directors, officers, employees and agents (each, an “AP Indemnified
Party”) from and against any losses, liabilities, damages, costs and expenses (including reasonable attorney’s fees and the reasonable cost of investigation, including reasonable costs involved in defending itself in


  
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connection with an investigation or proceeding) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provision of
this Agreement, including any of its representations, warranties or covenants; (ii) any failure on the part of the Authorized Participant to perform any of its other obligations set forth in this Agreement; (iii) any failure by the
Authorized Participant to comply with applicable laws and the rules and regulations of any governmental entity, any self-regulatory organization or futures exchange to the extent the foregoing relates to offers or sales of, transaction in, and
activities with respect to Baskets; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably believed by the AP Indemnified Party to be genuine and to have been given by
the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent with the
Trust’s Prospectus as then-supplemented made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged untrue statement of a material fact (1) contained in any research
report, marketing material or sales literature described in Section 13(b) or in any FWP prepared by the Authorized Participant or (2) furnished by the Authorized Participant for use in a FWP prepared by, for or on behalf of the Sponsor, or
any alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party or
the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a
material fact in connection with such representation, statement or omission necessary in order to make such representation, statement or omission not misleading. 
 (b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who
controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including reasonable attorneys’ fees and
the reasonable cost of investigation, including reasonable costs involved in defending itself in connection with an investigation or proceeding) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any
provision of this Agreement that relates to the Sponsor, including its representations, warranties and covenants; (ii) any failure on the part of the Sponsor to perform any other obligation of the Sponsor set forth in this Agreement;
(iii) any failure by the Sponsor to comply with applicable laws and the rules and regulations of any governmental entity, any self-regulatory organization or futures exchange to the extent the foregoing relates to offers or sales of,
transaction in, and activities with respect to Baskets; or (iv) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or in any amendment thereof, or in the Prospectus, or in any amendment
thereof or supplement thereto, or in any FWP prepared by, for or on behalf of the Sponsor, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make
the statements therein not misleading, except those statements based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement, amendment thereof, Prospectus, amendment thereof
or supplement thereto, or FWP. 
 (c) (i) This Section 9 shall not apply to any AP Indemnified Party or any Sponsor
Indemnified Party (each, an “Indemnified Party”) to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of, or in connection with, any action or failure to act that constitutes negligence,
bad faith or willful misconduct on the part of the such Indemnified Party. (ii) The term “affiliate” in this Section 9 shall include, with respect to any person, entity or organization, any other person, entity or organization
which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 

  
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 (d) If the indemnification provided for in this Section 9 is unavailable to an
indemnified party under Sections 9(a) or 9(b) or insufficient to hold an indemnified party harmless in respect of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor and the Trust, on the
one hand, and by the Authorized Participant, on the other hand, from the services provided hereunder or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the relative fault of the Sponsor and the Trust, on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the
statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as well as any other relevant equitable considerations. The relative benefits received by the Sponsor and the Trust, on the one hand, and the Authorized
Participant, on the other hand, shall be deemed to be in the same respective proportions as the amount of Chinese Renminbi transferred to the Trust under this Agreement on the one hand (expressed in dollars) bears to the amount of economic benefit
received by the Authorized Participant in connection with this Agreement on the other hand. To the extent applicable, the relative fault of the Sponsor on the one hand and of the Authorized Participant on the other shall be determined by reference
to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Sponsor or by the Authorized Participant and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, liabilities, damages, costs and expenses referred to in this
Section 9(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any action, suit or proceeding (each a
“Proceeding”) related to such losses, liabilities, damages, costs and expenses. 
 (e) The Sponsor and the
Authorized Participant agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in Section 9(d) above. The Authorized Participant shall not be required to contribute any amount in excess of the amount by which the total price at which the Shares created by the Authorized Participant and
distributed to the public were offered to the public exceeds the amount of any damage which the Authorized Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

(f) The indemnity and contribution agreements contained in this Section 9 shall remain in full force and effect regardless of any
investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who
controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, directors, officers, employees or any person who
controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the
commencement of any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the
Prospectus. 
 (g) The indemnifying party in each of the Sections 9(a) and 9(b) shall be entitled, at its option, to exercise
sole control and authority over the defense and settlement of such action. The indemnifying party is not authorized to accept any settlement that does not provide the applicable Indemnified Party with a complete release or that imposes liability not
covered by these indemnifications or places restrictions on the Indemnified Party, in each case, without the prior written consent of the Indemnified Party. Each Indemnified Party may participate in the defense of any claim through its own counsel
and at its own expense. 

  
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 Section 10. Liability. 
 (a) Limitation of Liability. None of the Sponsor, the Trustee, the Authorized Participant, and the Depository shall be liable to each other or to any other person, including any party claiming by, through
or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption
or delay in the electronic means of communications used by them. 
 (b) Tax Liability. The Authorized Participant shall be
responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement,
regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly
indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 
 Section 11.
Acknowledgment. The Authorized Participant acknowledges receipt of (i) a copy of the Trust Agreement and (ii) the current Prospectus of the Trust, and represents that it has reviewed and understands such documents. Within five
(5) Business Days of first use, the Sponsor agrees to provide the Authorized Participant with copies of all FWPs prepared by it relating to the Trust, and, within five (5) Business Days of first use, the Authorized Participant agrees to
provide the Sponsor with a copy of all FWPs prepared by it relating to the Trust. 
 Section 12. Effectiveness and Termination. Upon
the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the Time of Sale, and may be terminated at any time by any party upon thirty (30) calendar days prior written notice to the other
parties unless earlier terminated. Prior written notice shall not be required for termination if effected as follows: (i) in accordance with Section 2(a)(i); (ii) by the Trustee in the event of a breach by the Authorized Participant
of this Agreement or the Procedures (as amended from time to time) described or incorporated herein; (iii) by the Authorized Participant in the event of a breach of this Agreement or the Procedures (as amended from time to time) by the Sponsor,
the Trust or the Trustee; (iv) immediately in the circumstances described in Section 18(j); (v) at such time as the Trust is terminated pursuant to the Trust Agreement or the Sponsor, the Trustee or the Trust is terminated or
suspended by action of the SEC or the Board of Trustees of the Trust; or (vi) by the non-bankrupt party if either the Sponsor, the Trust, the Trustee or the Authorized Participant becomes insolvent or becomes the subject of a bankruptcy
proceeding. 
 Section 13. Marketing Materials; Representations Regarding Shares; Identification in Registration Statement.

 (a) The Authorized Participant represents, warrants and covenants that, without the written consent of the Sponsor,
(i) the Authorized Participant will not (A) make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained (1) in the Prospectus of the
Trust, as then amended and supplemented, (2) in printed information approved by the Sponsor as information supplemental to such Prospectus or (3) in any promotional materials or sales literature furnished to the Authorized Participant by
the Sponsor, or (B) issue any FWP pursuant to Rules 164 and 433 of the 1933 Act and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the
Shares, any AP Indemnified Person or the Trust that are not consistent with the Prospectus, as then amended and supplemented. Copies of the Prospectus of the Trust, as then amended and supplemented, and any such printed supplemental information and
FWPs will be supplied by the Sponsor to the Authorized Participant in such quantities as the Authorized Participant shall reasonably request. 

  
 9 








 (b) Notwithstanding the foregoing, the Authorized Participant may without the written
approval of the Sponsor prepare and circulate in the regular course of its business research reports, marketing material and sales literature, but in no event FWPs, that include information, opinions or recommendations relating to the Shares
(i) for public dissemination, provided that such research reports, marketing material or sales literature is prepared in accordance with applicable rules and regulations of the 1933 Act, any applicable state securities laws and FINRA rules; or
(ii) for internal use by the Authorized Participant. The Authorized Participant will file all such research reports, marketing material and sales literature related to the Shares with FINRA to the extent required. 

(c) The Authorized Participant and its affiliates may prepare and circulate in the regular course of their businesses, without having to
refer to the Shares or the Prospectus, as then amended and supplemented, data and information relating to the price of Chinese Renminbi. 
 (d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the Prospectus and any FWPs, and any supplements or amendments thereto or recirculation thereof, to
the Authorized Participant in Portable Document Format (“PDF”) via electronic mail to mutualfunddistribution@broadridge.com with a copy to mlpro ap group@ml.com.in lieu of delivering the Prospectus in paper form. The
Authorized Participant may revoke the foregoing agreement at any time by delivering written notice to the Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the
Prospectus and any FWPs, and any supplements or amendments thereto or recirculation thereof, in paper form from the Sponsor. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it
in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Sponsor will, when requested by the Authorized Participant, make available at no cost the software and technical assistance
necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus. 
 (e) For as long as
this Agreement is effective, the Authorized Participant agrees to be identified as an authorized participant of the Trust, if required by the SEC, its staff or the applicable securities registration form, (i) in the section of the Prospectus
included within the Registration Statement entitled “Creation and Redemption of Shares” (including identifying the Authorized Participant in such section by a supplement to the Prospectus) and in any other section as may be required by the
SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, during the period prior to when the Sponsor qualifies and elects to file on Form S-3, the Sponsor will remove such identification from the Prospectus in the
amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the Sponsor qualifies and elects to file on Form S-3, the Sponsor will promptly file a current report on
Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of the Trust. Upon termination of this Agreement, the Sponsor will promptly update the Trust’s website to remove any identification of the Authorized
Participant as an authorized participant of the Trust. 
 (f) Each of the Trust, the Trustee and the Sponsor agrees that it will
not, without prior written consent of the Authorized Participant, use in advertising or publicity the name of the Authorized Participant or any affiliate of the Authorized Participant, any trade name, trademark, trade devices service mark, symbol or
any abbreviation, contraction or simulation thereof owned by the Authorized Participant or any of its affiliates or represent, directly or indirectly, that any product or any service provided by the Trust, the Sponsor or the Trustee has been
approved or endorsed by the Authorized Participant or that the Authorized Participant is acting as underwriter for or distributor for the Trust and the Shares. 

  
 10 









 Section 14. Title To Chinese Renminbi. The Authorized Participant represents and warrants that
upon delivery of the Basket Chinese Renminbi Amount (as defined in the Trust Agreement) to the Trustee in accordance with the terms of the Trust Agreement and this Agreement, the Trust will acquire good and unencumbered title to the Chinese Renminbi
which are the subject of such Basket Chinese Renminbi Amount, free and clear of all pledges, security interests, liens, charges, taxes, assessments, encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent,
and not subject to any adverse claims, including any restriction upon the sale or transfer of all or any part of such Chinese Renminbi which is imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which
it is acting in connection with a Purchase Order. 
 Section 15. Third Party Beneficiaries. Each Indemnified Party, to the extent it
is not a party to this Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant or the Sponsor, as applicable (including by bringing
proceedings against the Authorized Participant or the Sponsor, as applicable, in its own name) to enforce any obligation of the Authorized Participant or the Sponsor, as applicable, under this Agreement which directly or indirectly benefits such
Third Party Beneficiary. 
 Section 16. Force Majeure. No party to this Agreement shall incur any liability for any delay in
performance, or for the non-performance, of any of its obligations under this Agreement by reason of any act of God or war or terrorism, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations, or any cause beyond its reasonable control, including, without limitation, any breakdown, malfunction or failure of
transmission in connection with or other unavailability of any wire, communication or computer facilities, any transport, port or airport disruption, or any industrial action. 
 Section 17. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form otherwise in good form contains order terms that differ from the information provided in the telephone
call at the time of issuance of the applicable order number, the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized Person confirms the
terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Trustee. If the Trustee is not
able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not
complete or are illegible, the Order will be deemed invalid and the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. 

Section 18. Miscellaneous. 
 (a) Amendment and Modification. Except as set forth in the following sentence, this Agreement may be amended, modified or supplemented only by a written instrument executed by all of the parties. The
Procedures attached as Attachment A, the Exhibits B and C hereto and, solely for the purpose of complying with applicable law, rule or regulation, this Agreement, may be amended, modified or supplemented by the Trustee and the Sponsor, without
consent of the Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Trustee will mail a copy of the proposed amendment, modification or supplement to the
Authorized Participant. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) Business Days
after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment, modification
or supplement of any authorized participant agreement (other than this Agreement), the Trustee will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant. 

  
 11 









 (b) Waiver of Compliance. Except as otherwise specifically provided in this Agreement, any
failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such
written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(c) Notices. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this
Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation received)
or by telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mailed, postage prepaid. For avoidance of doubt, notices may not be given or transmitted by electronic mail, other
than as set forth in Section 6. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Trustee. All notices shall be directed to the address or telephone or facsimile numbers indicated below the signature
line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 
 (e)
Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or
converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party,
shall be the successor of the party under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions
hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor Trustee or Sponsor at such time such successor qualifies as a successor Trustee or Sponsor under the terms of the Trust
Agreement. 
 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party
hereto irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or relating to
this Agreement or any action taken or omitted hereunder, and waives any claim of forum non convenient and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that
service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. EACH PARTY HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY OF ANY CLAIM ARISING UNDER OR IN CONNECTION
WITH THIS AGREEMENT. 
 (g) Counterparts. This Agreement may be executed in one or more counterparts, each of which will be
deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or
account for more than one such counterpart executed and delivered by such party. Facsimile or PDF counterpart signatures of this Agreement shall be acceptable and binding, provided that original signatures are concurrently sent to the counterparties
by regular mail, postage prepaid. 

  
 12 









 (h) Interpretation. The article and section headings contained in this Agreement are solely
for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant to this Agreement and the Trust Agreement, supersede all prior agreements and
understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to be a party to the Trust Agreement. 

(j) Severance. If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental
or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity,
legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein, unless the Sponsor determines in its discretion, after
consulting with the Trustee, that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and that this Agreement should
not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Sponsor’s notification of the Trustee of such a determination, this Agreement shall immediately terminate and the Trustee will so
notify the Authorized Participant immediately. 
 (k) No Strict Construction. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 
 (l) Survival. Sections 9 (Indemnification), 12 (Effectiveness and Termination), 13(f) (Use of Name), 15 (Third Party Beneficiaries), 16 (Force Majeure) hereof and this Section 18(l) shall survive the
termination of this Agreement. 
 (m) Other Usages. The following usages shall apply in interpreting this Agreement:
(i) references to a governmental or quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including”
means “including, but not limited to.” 
 * * * * * * * 

  
 13 









 IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the Trustee, on behalf of the Trust, have
caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

			
	 THE BANK OF NEW YORK MELLON,

not in its individual capacity,
 but solely as
Trustee of the CurrencyShares® Chinese Renminbi Trust
	  	MERRILL LYNCH PROFESSIONAL CLEARING CORP.

  

													
					
	By:	 	/s/ Andrew Pfeifer	 		 	By:	 	/s/ Anthony Strazza
		 	Name:	 	Andrew Pfeifer	 		 		 	Name:	 	Anthony Strazza
		 	Title:	 	Vice President	 		 		 	Title:	 	Senior Vice President
		 	Address:	 	One Wall Street	 		 		 	Address:	 	222 Broadway 6th Floor
		 		 	New York, NY 10286	 		 		 		 	New York, NY 10038
		 	Telephone:	 	(212) 635-6314	 		 		 	Telephone:	 	(212) 670-2121
		 		 		 		 		 	Facsimile:	 	(212) 671-2001
		 		 		 		 		 	E-mail:	 	anthony.strazza@baml.com

  

			
	RYDEX SPECIALIZED PRODUCTS LLC,
	Sponsor of the CurrencyShares®
Chinese Renminbi Trust
	
	/s/ Nick Bonos
	Name:	 	Nick Bonos
	Title:	 	CEO & President
	Address:	 	805 King Farm Blvd., Suite 600
		 	Rockville, MD 20850
	Telephone:	 	(800) 820-0888


  
 14 









 EXHIBIT A 

CURRENCYSHARES® CHINESE RENMINBI TRUST 
 CERTIFIED
AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following are the names, titles and signatures of all persons (each an
“Authorized Person”) authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the
CurrencyShares® Chinese Renminbi Trust Participant Agreement. 

 

									
	Authorized Participant:	 		 	MERRILL LYNCH PROFESSIONAL CLEARING CORP.
					
	Name:	 	Colin Peters	 		 	Name:	 	Geoffrey Mrema
	Title:	 	Vice President	 		 	Title:	 	Officer
					
	Signature:	 	/s/ Colin Peters	 		 	Signature:	 	/s/ Geoffrey Mrema
					
	Name:	 	Alyssa Trocino	 		 	Name:	 	Johnny Lozada
	Title:	 	Officer	 		 	Title:	 	Officer
					
	Signature:	 	/s/ Alyssa Trocino	 		 	Signature:	 	/s/ Johnny Lozada
					
	Name:	 	John Olivares	 		 	Name:	 	Theodore Teschner
	Title:	 	Officer	 		 	Title:	 	Officer
					
	Signature:	 	/s/ John Olivares	 		 	Signature:	 	/s/ Theodore Teschner

 The undersigned, Anthony Strazza, Senior Vice President of Merrill Lynch Professional Clearing Corp.,
does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the
CurrencyShares® Chinese Renminbi Trust Participant Agreement by and between Merrill Lynch Professional Clearing
Corp. and the Trustee and the Sponsor of the CurrencyShares® Chinese Renminbi Trust, dated September 13,
2011, and that their signatures set forth above are their own true and genuine signatures. 
 In Witness Whereof, the undersigned has hereby set
his/her hand on the date set forth below. 
  

									
					
		 	 Subscribed and sworn to before me
 this 13th day of September , 2011
	 		 	By:	 	/s/ Anthony Strazza
		 		 		 	Name: Anthony Strazza
		 		 		 	Title: Director

  

	
	
	
	/s/ Victoria Barnes
	Notary Public

 Note: Print on Company Letterhead prior to executing 







 EXHIBIT B 

CURRENCYSHARES® CHINESE RENMINBI TRUST 
 PURCHASE ORDER
FORM 
 THE BANK OF NEW YORK MELLON, TRUSTEE 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 
  

			
	Telephone order number:	  	(718) 315-4970 or 4967
	Fax order number:	  	(718) 315-4881
		  	Depository Instructions [                ]
		  	Acc: JPMorgan Chase Bank, N.A. London (CHASGB2L)
		  	No: [                ]
		  	FFC: Currency Shares® Chinese Renminbi
Trust [            ]
		  	IBAN# [                ]

  
  

Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in complete form. 

 

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:  ____________________________________________	  		  	Time:  _________________________________________
	Broker Name:  _____________________________________	  		  	Firm Name:  ____________________________________
	DTC Participant Number:  ____________________________	  		  	Fax Number:  ___________________________________
	Telephone Number:  _________________________________	  		  	
		  		  	(One Basket = 50,000 FXCH Shares)
		  	  

Number of Baskets Transacted:  ____________________________

	Order #  __________________________________________	  		  	  

Number written out:  __________________________


 This Purchase Order is subject to the terms and conditions of the Depositary Trust Agreement of the
CurrencyShares® Chinese Renminbi Trust as currently in effect and the Participant Agreement between the
Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and
are true and accurate as of the date hereof. 
 The undersigned does hereby certify as of the date set forth below that he/she is an Authorized
Person under the Participant Agreement and that he/she is authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Chinese
Renminbi Amount disseminated the previous business day and recognizes the final Basket Chinese Renminbi Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be
disseminated to all Authorized Participants, and the Basket Chinese Renminbi Amount required for the Purchase Order entered into on this day will be finalized and this Purchase Order will serve as a legally binding contract for settlement on the
third New York business day following the date hereof, unless that day is not a business day in China, in which case settlement will be the next following day that is a business day in both New York and China. 

 

					
	  	 		 	  
	 Date
	 		 	 Authorized Person’s Signature


  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                     
Declined-Reason:
                                         
                                         
                                         
      
  

											
	
Final # of Chinese Renminbi                
                            
	 	Final # of FXCH Shares                    
	 	
						
	 	 		 	 	 		 	 	 	
	 Date
	 		 	Time	 		 	Authorized Signature of Trustee	 	








 EXHIBIT C 

CURRENCYSHARES® CHINESE RENMINBI TRUST 
 REDEMPTION ORDER
FORM 
 THE BANK OF NEW YORK MELLON, TRUSTEE 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 
  

			
	 Telephone order number:
	 	    (718) 315-4970 or 4967
	 Fax order number:
	 	    (718) 315-4881
	Depository Instructions	 	

  
  

 
 Participant must complete all items in Part I.
The Trustee, in its discretion may reject any order not submitted in complete form. 
  

	I.	TO BE COMPLETED BY PARTICIPANT: 

  

					
	Date:  ____________________________________________	  		  	Time:  _________________________________________
	Broker Name:  _____________________________________	  		  	Firm Name:  ____________________________________
	DTC Participant Number:  ____________________________	  		  	Fax Number:  ___________________________________
	Telephone Number:  _________________________________	  		  	
		  		  	(One Basket = 50,000 FXCH Shares)
		  	  

Number of Baskets Surrendered:  ____________________________

	Order #  __________________________________________	  		  	  

Number written out:  __________________________


 This Redemption Order is subject to the terms and conditions of the Depositary Trust Agreement of the
CurrencyShares® Chinese Renminbi Trust as currently in effect and the Participant Agreement between the
Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and
are true and accurate as of the date hereof. 
 The undersigned does hereby certify as of the date set forth below that he/she is an Authorized
Person under the Participant Agreement and that he/she is authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Chinese
Renminbi Amount disseminated the previous business day and recognizes the final Basket Chinese Renminbi Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be
disseminated to all Authorized Participants, and the Basket Chinese Renminbi Amount required for the Redemption Order entered into on this day will be finalized and this Redemption Order will serve as a legally binding contract for settlement on the
third New York business day following the date hereof, unless that day is not a business day in China, in which case settlement will be the next following day that is a business day in both New York and China. 

 

					
			
	  	 		 	  
	 Date
	 		 	Authorized Person’s Signature

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                    Accepted by the Trustee


                    Declined-Reason: 
                                         
                                         
                                         
         
  

											
	
Final # of Chinese Renminbi                
                            
	 	Final # of FXCH Shares                    
	 	
						
	 	 		 	 	 		 	 	 	
	 Date
	 		 	Time	 		 	Authorized Signature of Trustee	 	








 ATTACHMENT A 
 CREATION AND REDEMPTION OF CHINESE RENMINBI SHARES AND 
 RELATED CHINESE
RENMINBI TRANSACTIONS 
 Scope of Procedures and Overview 

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Chinese Renminbi Trust
shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Chinese Renminbi Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created
or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Chinese Renminbi between the Authorized Participant and the Trust, certain
processes relating to the underlying transfers of Chinese Renminbi also are described. 
 Under these Procedures, Baskets may be issued only in
consideration for Chinese Renminbi transferred to and held in the Trust’s accounts maintained in London, England by London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these
Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of
[                    ], 2011, between Rydex Specialized Products LLC (the “Sponsor”), the Trustee, the registered owners and
beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee. 

For purposes of these Procedures, a “NY Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day
on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a
day which has been designated a bank holiday in China. 
 Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor
to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the
Trustee in exchange for euro, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction
fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows: 

 

					
	 Baskets Created or Redeemed Per Order
	  	Additional
Transaction Fee	 
	 2
	  	$	500	  
	 3
	  	$	1,000	  
	 4
	  	$	1,500	  
	 5 or more
	  	$	2,000	  

 The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in
accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”. 

Authorized Participants and the Trust Transfer Chinese Renminbi and Baskets of Shares 
 Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the
Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together,
“Orders”) for Baskets. 







 Important Notes: 
  

	 	•	 	 Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 



 

	 	•	 	 All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 



CREATION PROCESS 
 OVERVIEW 
 The following describes the process by which Baskets are
created. In summary, an order to purchase one or more Baskets of Shares is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is the Order Date under the Trust
Agreement (“CREATION T”), and a Basket is created on the third NY Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a
New York Business Day and a Local Business Day (“CREATION T+3”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Chinese Renminbi and the Trustee will transfer to the Authorized
Participant’s account at The Depository Trust Company (“DTC”) Baskets corresponding to the Chinese Renminbi the Participant has transferred to the Trust. 

 

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized
Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets of Shares (a “Purchase Order”) in accordance with the following process. 

C1.1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls
the Trustee at 718-315-4970 or 4967, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets of Shares and requesting that the Trustee provide an order number.
The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.2 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.3 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time , as applicable will be rejected. 
 C1.1.4 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase
Order. 
 C1.1.5 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the
Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 

  
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 C1.1.6 The Purchase Order Form provides, among other things, for the number of Baskets that
the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+3. 

C1.1.7 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized
Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes
after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees. 

C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing
rules, then by 4:15 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION
T+3” (Current process is to simply approve the order in the appropriate section of the form) and indicating, on a preliminary basis subject to confirmation, the number of Chinese Renminbi the Participant must transfer in exchange for the
Basket(s). 
 C1.3 The Participant ensures that by 3:00 p.m. Hong Kong time (usually 2:00 a.m NYC EST time) on CREATION T+3 that
sufficient Chinese Renminbi are wire transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

 C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Chinese Renminbi via (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC –
CHASGB2L. 
 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The
Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Chinese Renminbi
transfers with its sending financial institution. 
 C1.4.5 By 3:00 p.m. Hong Kong time on CREATION T+3, Chinese Renminbi in the
amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+3. 
 C1.4.6 An Authorized Participant may only deliver Chinese Renminbi for credit to the Depository in the following ways (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC – CHASGB2L. 

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+3, the Authorized Participant must accept a DTC SPO Charge for
the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized
Participant will remain obligated to the Trustee for the Transaction Fees. 
 C1.5 NOTES FOR TRUSTEE (CREATION T) 

C1.5.1 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an email message to the Depository (by CREATION T+1)
indicating the approximate total amount of Chinese Renminbi that the Depository will receive from the Authorized Participant on CREATION T+3. 

  
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 C1.5.2 The Depository receives the Trustee’s email message about the approximate total
amount of Chinese Renminbi the Authorized Participant is required to transfer not later than 3:00 p.m. Hong Kong time on CREATION T+3. 
  

	C2	CREATION T+1 

 C2.1 The Purchase
Orders and instructions given on CREATION T are all pending with the Trustee. 
 C2.2 On CREATION T+1 the Trustee notifies the
Authorized Participant of the final amount of Chinese Renminbi that must be deposited in the Deposit Account (the “Basket Chinese Renminbi Amount”) not later than 3:00 p.m. Hong Kong time on CREATION T+3. (This amount shall contain the
principal amount of the order and, whenever applicable, the accrued interest for days T and T+1 as well as an estimate of the accrued interest on T+2 that shall be calculated by utilizing the accrued interest for day T+1 and multiplying it by a
factor of 1.05) 
 C2.3 By 5:00 p.m. NYC time, based on the Purchase Orders placed with it on CREATION T, the Trustee sends an
authenticated electronic message (SWIFT MT210) to the Depository indicating the total amount of Chinese Renminbi that the Depository will receive from the Authorized Participant on CREATION T+3. 

 

	C3	CREATION T+2 

 C3.1 The Purchase
Orders and final instructions given on CREATION T+1 are all pending 
  

	C4	CREATION T+3 

 C4.1 By 3:00 p.m.
Hong Kong time (usually 2:00 a.m NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket Chinese Renminbi Amount in the Deposit Account. 

C4.2 As of 3:00 p.m. Hong Kong time, the Depository notifies the Trustee that the Basket Chinese Renminbi Amount has been transferred
into the Deposit Account by an authenticated electronic message (SWIFT MT910). 
 C4.3 Prior to the delivery of the Baskets on
CREATION T+3, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 C4.4 At
11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Chinese Renminbi Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized
Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Chinese Renminbi Amount. 
 C4.5 By 11:00 a.m NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Chinese Renminbi Amount to the Deposit Account, the Trustee notifies its transfer
agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it
has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an
increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

  
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 C4.6 By 11:00 a.m NYC time, following receipt of notice from the Trustee’s transfer
agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants
scheduled to receive Baskets on CREATION T+3 for whom the Trustee has received confirmation from the Depository that the Basket Chinese Renminbi Amount has been received into the Deposit Account. 

C4.7 Following the close of business (usually 4:00 p.m. Hong Kong) on CREATION T+3, the Depository makes appropriate entries in its books
and records to reflect the creation of Baskets. 
 C4.8 Following the close of business (usually 4:00 p.m. Hong Kong time) on
CREATION T+3, the Depository Chinese Renminbi system updates account records, recording the movements of Chinese Renminbi in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m.
Hong Kong time) on CREATION T+3. 
 C4.9 Following the close of business (usually 4 p.m. Hong Kong time) on CREATION T+3, the
Depository Chinese Renminbi system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

C4.10 If the Authorized Participant fails to deliver Chinese Renminbi by 3:00 p.m. Hong Kong time on CREATION T+3, (a) the Trustee
will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices. 

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such
fees. 
 REDEMPTION PROCESS 
 OVERVIEW 
 The following describes the process by which Baskets are
redeemed. In summary, an order to redeem one or more Baskets of Shares is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust Agreement (“REDEMPTION
T”), Baskets to be redeemed are delivered to the Trustee by 2:00 a.m. Hong Kong time (usually 1:00 p.m. NYC time) on the second NY Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case Baskets shall
be delivered the next following day that is both a New York Business Day and a Local Business Day (“REDEMPTION T+2”) and the Authorized Participant receives the corresponding Chinese Renminbi on the third NY Business Day following
REDEMPTION T (“REDEMPTION T+3”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Chinese
Renminbi corresponding to the Baskets delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets of
Shares (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 By the Order Cut-Off Time or
the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-4970 or 4967, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to
redeem an identified number of Baskets of Shares and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

  
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 R1.1.2 Incoming telephone calls are queued and will be handled in the sequence received. The
Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the order process is not completed
until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 R1.1.3 Redemption
Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time are rejected. 
 R1.1.4 During the phone call from
the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 

R1.1.5 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order
to the Trustee using the Redemption Order Form included as part of the Participant Agreement. 
 R1.1.6 The Redemption Order
Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge on REDEMPTION T+2
prior to the delivery of the Chinese Renminbi to the Authorized Participant. 
 R1.1.7 If the Trustee has not received the
Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the
Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the
Trustee for the Transaction Fees. 
 R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on
time in accordance with the preceding timing rules, then by 4:15 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of
Transaction Fees on REDEMPTION T+2 prior to delivery of the Chinese Renminbi” and indicating, on a preliminary basis subject to confirmation, the number of Chinese Renminbi the Participant will receive upon redemption of the indicated Basket(s)
of Shares. 
 R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 

R1.3.1 On REDEMPTION T, the Trustee will prepare an authenticated electronic message (SWIFT MT202 or MT103plus) containing instructions
specifying REDEMPTION T+3 as the date on which the instructions will be executed. 
 R1.3.2 The Trustee will deliver the
authenticated electronic message (SWIFT MT202 or MT103plus) to the Depository on REDEMPTION T+1 only after confirming the Trustee’s receipt of redemption shares or collateral consisting of cash in U.S. Dollars having a value at least equal to
105 % of the value of the Chinese Renminbi redemption shares to be delivered 
  

	R2	REDEMPTION T+1 

 R2.1 Redemption
Orders and related instructions are in process. 
 R2.2 By 1:00PM New York Time, the Authorized participant delivers to the
Trustee the redemption shares or collateral having a value at least equal to 105% of the value of the U.S. Dollar equivalent of the Chinese Renminbi redemption shares to be delivered 

  
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 R2.3 By 5:00 p.m. NYC time, the Trustee sends an authenticated electronic message (SWIFT
MT202 or MT103plus) to the Depository directing the Depository to transfer the Basket Chinese Renminbi Amount on T+3 to the accounts of those Authorized Participants from whom the Trustee has received the redemption shares or collateral 

R2.4 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Chinese Renminbi that will be delivered to
the Authorized Participant on REDEMPTION T+3 (the “Basket Chinese Renminbi Amount”). (This amount shall contain the principal amount of the order and, whenever applicable, the accrued interest for days T and T+1 as well as an estimate of
the accrued interest on T+2 that shall be calculated by utilizing the accrued interest for day T+1. 
 R2.5 Prior to the
delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Chinese Renminbi Amount on REDEMPTION T+3, the Trustee must have received the Transaction Fees and the redemption shares or the collateral
amount from the Authorized Participant (SPO/DTC Charge). 
  

	R3	REDEMPTION T+2 

 R3.1 The
Redemption Orders and final instructions given on REDEMPTION T+1 are all pending 
  

	R4	REDEMPTION T+3 

 4.1 By 3:00 p.m.
NYC time, the Authorized Participant delivers free to the Trustee’s participant account at DTC
(#            2209            ) the Shares to be redeemed, if collateral was posted on T+1. 

R4.2.1 By 3:00 p.m. NYC time, the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the
Authorized Participant have been received into the Trustee’s participant account at DTC. 
 R4.2.2 By 3:00 p.m. NYC time,
if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed notifies the Trustee that the Trustee has
received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received. 
 R4.2.3 Upon receipt of the Authorized Participant’s Shares, the Trustee returns the Authorized Participants collateral. In the event that ETF shares are not received by T+3, an additional amount of
cash shall be required to be deposited with the Trust, pending delivery of the missing shares to the extent necessary to maintain the cash collateral on deposit with the Trust in an amount equal to 105% of the daily marked to market value of the
missing ETF shares. 
 R4.3.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations
desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption. 
 R4.3.2 By DTC free
delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 

R4.4 Following the close of business (usually 3:30 p.m. NYC time) on REDEMPTION T+3, the Depository makes the appropriate entries in its
books and records to reflect the redemptions. 
 R4.5 Following the close of business (usually 3:30 p.m. GMT) on REDEMPTION T+3,
the Depository Chinese Renminbi system updates its account records, recording the movements of Chinese Renminbi in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 3:30 p.m. GMT) on
REDEMPTION T+3. 

  
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 R4.6 Following the close of business (usually 3:30 p.m. GMT) on REDEMPTION T+3, the
Depository Chinese Renminbi system automatically generates an authenticated electronic message (SWIFT MT140 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

  
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 Schedule to Exhibit 4.2 

The following parties have each executed a separate Participation Agreement with The Bank of New York, as trustee, and Rydex Specialized
Products LLC, as sponsor, which is substantially identical in all material respects to the Participation Agreement filed herewith as Exhibit 4.2 and is dated as of the date listed opposite its name below. 

 

			
	 Name of Party
	  	Date of Agreement
	 Merrill Lynch Professional Clearing Corp
	  	September 13, 2011
	 Knight Clearing Services, LLC
	  	September 27, 2011
	 Nomura Securities International Inc.
	  	October 4, 2011

 Except as noted above, there are no material details in which the above Participation Agreements differ
from the Participation Agreement filed herewith as Exhibit 4.2. 

  
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