EXHIBIT 4.2

                               EURO CURRENCY TRUST

                          FORM OF PARTICIPANT AGREEMENT

This Participant Agreement (this "Agreement"), dated as of ________, is entered
into by and between __________ (with respect to this Agreement, the "Authorized
Participant", and with respect to the Trust Agreement referred to below, an
"Authorized Participant"), The Bank of New York, not in its individual capacity
but solely as trustee (the "Trustee") of the Euro Currency Trust (the "Trust"),
and Currency Group LLC, 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 __________, 2005, among the Sponsor, the Trustee, the
registered owners and beneficial owners from time to time of Euro Currency
Shares issued thereunder 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: 333-125581), 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 (the "Prospectus")
included therein. 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 euro that is
transferred between such Authorized Participant and the Trust. Under the Trust
Agreement, the Trustee issues Baskets in exchange for euro which are transferred
by an Authorized Participant to the London Branch of JP Morgan Chase Bank, N.A.
(the "Depository"), and when the Trustee redeems Baskets tendered for redemption
by an Authorized Participant in exchange for euro, the euro held in the Trust
Account are transferred to the Authorized Participant by the Depository. The
foregoing euro 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
Securities Act of 1933, as amended ("1933 Act"), may be occurring. The
Authorized Participant is cautioned that some of its activities may result in
its being deemed a participant in a distribution in a manner that would render
it a statutory underwriter and subject it to the prospectus-delivery and
liability provisions of the 1933 Act. The Authorized Participant 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.

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.




SECTION 2. STATUS OF AUTHORIZED PARTICIPANT. The Authorized Participant
represents and warrants and covenants the following:

           (a) 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
           immediate 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.

           (b) Unless Section 2(c) applies, the Authorized Participant either
           (i) 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 the National Association of Securities Dealers, Inc. (the
           "NASD"), or (ii) is exempt from being, or otherwise is not required
           to be, licensed as a broker-dealer or a member of the NASD, 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.
           The Authorized Participant will maintain any such registrations,
           qualifications and membership 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 Conduct Rules of the NASD (if it is a NASD member), and
           will not offer or sell Shares in any state or jurisdiction where they
           may not lawfully be offered and/or sold.

           (c) 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,
           qualified or a member of the NASD as set forth in Section 2(b) above,
           the Authorized Participant will (i) observe the applicable laws of
           the jurisdiction in which such offer and/or sale is made, (ii) comply
           with the prospectus delivery and other requirements of the 1933 Act,
           and the regulations promulgated thereunder, and (iii) conduct its
           business in accordance with the NASD Conduct Rules.

           (d) The Authorized Participant is in compliance with the money
           laundering and related provisions of the Uniting and Strengthening
           America by Providing Appropriate Tools Required to Intercept and
           Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, and the regulations
           promulgated thereunder, if the Authorized Participant is subject to
           the requirements of the USA PATRIOT ACT.

            (e) The Authorized Participant has the capability to send and
           receive communications via authenticated telecommunication facility
           to and from the Trustee and the Depository. The Authorized
           Participant shall confirm such capability to the satisfaction of the
           Trustee and the Depository by the end of the Business Day before
           placing its first order with the Trustee (whether such order is to
           create or to redeem Baskets). If required by the Depository with
           respect to authorized telecommunications by telephonic facsimile, the
           Authorized Participant shall enter into a separate agreement with the
           Depository, as the case may be, indemnifying such party with respect
           to its communications by telephonic facsimile, substantially in the
           form attached as Exhibit D, as the same may be amended from time to
           time.

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. The Trustee and Sponsor may issue additional or
            other procedures from time to time relating to the manner of
            creating or redeeming Baskets which are not related to the
            Procedures, and the Authorized Participant will comply with such
            procedures.

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            (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.

            (c) The delivery of the Shares against deposits of euro 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 Sponsor for any reason at any time or from time
            to time. Except as otherwise provided in the Trust Agreement, the
            surrender of Shares for purposes of withdrawing euro may not be
            suspended.

SECTION 4. EURO TRANSFERS. Any euro to be transferred in connection with any
Order shall be transferred between the Participant's account and the Deposit
Account in accordance with the Procedures. The Authorized Participant shall be
responsible for all costs and expenses relating to or connected with any
transfer of euro between its account and the Deposit Account.


SECTION 5. FEES. In connection with each Order by an 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.

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. Upon the termination or revocation of authority of
any Authorized Person by the Authorized Participant, the Authorized Participant
shall give immediate written notice 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 Number") by
which such Authorized Person shall be identified and by which instructions
issued by the Authorized Participant hereunder shall be authenticated. The PIN
Number 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 Number is changed, the new PIN Number shall become effective on a
date mutually agreed upon by the Authorized Participant and the Trustee.

SECTION 7. REDEMPTION. The Authorized Participant 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 and are not the subject of a repurchase agreement,
securities lending agreement or any other arrangement which would preclude the
delivery of such Baskets to the Trustee on the third Business Day following the
Redemption Order Date.

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



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         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 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.

         (c) The Authorized Participant will maintain records of all sales of
         Shares made by or through it and will furnish copies of such records to
         the Sponsor upon the reasonable request of the Sponsor.

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 attorney's fees and the reasonable cost of
         investigation) incurred by such AP Indemnified Party as a result of or
         in connection with: (i) any breach by the Authorized Participant of any
         provisions of this Agreement, including its representations, warranties
         and covenants; (ii) any failure on the part of the Authorized
         Participant to perform any of its 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 or any self-regulatory organization; (iv) any actions of such AP
         Indemnified Party in reliance upon any instructions issued in
         accordance with the Procedures 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
         then-current Prospectus 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 contained in
         any research reports, marketing material and sales literature described
         in Section 13(b) or any alleged omission to state therein a material
         fact required to be stated therein or necessary 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 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 attorneys' fees and
         the reasonable cost of investigation) 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; (ii) any
         failure on the part of the Sponsor to perform any obligation of the
         Sponsor set forth in this Agreement; (iii) any failure by the Sponsor
         to comply with applicable laws; or (iv) any untrue statement or alleged
         untrue statement of a material fact contained in the registration
         statement of the Trust as originally filed with the SEC or in any
         amendment thereof, or in any prospectus, or in any amendment thereof or
         supplement thereto, or arising out of or based


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         upon the omission or alleged omission to state therein a material fact
         required to be stated therein or necessary to make the statements
         therein not misleading, except those statements in the Registration
         Statement or the Prospectus based on information furnished in writing
         by or on behalf of the Authorized Participant expressly for use in the
         Registration Statement or the Prospectus.

         (c) This Section 9 shall not apply to the extent any such losses,
         liabilities, damages, costs and expenses are incurred as a result or in
         connection with any gross negligence, bad faith or willful misconduct
         on the part of the AP Indemnified Party or the Sponsor Indemnified
         Party, as the case may be. 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.

         (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 euro 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 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 10(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


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         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.

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 a
(i) copy of the Trust Agreement and (ii) the current Prospectus of the Trust,
and represents that it has reviewed and understands such documents.

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 date first set forth above, and may be terminated at any time by any party
upon thirty (30) days prior written notice to the other parties unless earlier
terminated: (i) in accordance with Section 2(a); (ii) upon notice to the
Authorized Participant by the Trustee in the event of a breach by the Authorized
Participant of this Agreement or the procedures described or incorporated
herein; (iii) immediately in the circumstances described in Section 18(j); or
(iv) at such time as the Trust is terminated pursuant to the Trust Agreement.

SECTION 13. MARKETING MATERIALS; REPRESENTATIONS REGARDING SHARES;
IDENTIFICATION IN REGISTRATION STATEMENT.

         (a) The Authorized Participant represents, warrants and covenants that
         (i), without the written consent of the Sponsor, the Authorized
         Participant will not make, or permit any of its representatives to
         make, any representations concerning the Shares or any AP Indemnified
         Party other than representations contained (A) in the then-current
         Prospectus of the Trust, (B) in printed information approved by the
         Sponsor as information supplemental to such Prospectus or (C) in any
         promotional materials or sales literature furnished to the Authorized
         Participant by the Sponsor, 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
         Trust's then current Prospectus. Copies of the then current Prospectus
         of the Trust and any such printed supplemental information will be
         supplied by the Sponsor to the Authorized Participant in reasonable
         quantities upon request.

         (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 that includes information, opinions or
         recommendations relating to the


                                       6


         Shares (i) for public dissemination, provided that such research
         reports, marketing material or sales literature compare the relative
         merits and benefits of Shares with other products; and (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 the NASD to the extent required
         by the NASD Conduct Rules.

         (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 Trust's then-current Prospectus, data and
         information relating to the price of euro.

         (d) The Authorized Participant hereby agrees that for the term of this
         Agreement the Sponsor may deliver the then-current Prospectus, and any
         supplements or amendments thereto or recirculation thereof, to the
         Authorized Participant in Portable Document Format ("PDF") via
         electronic mail 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 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 (i) in the section of the Prospectus included within the
         Registration Statement entitled "Creation and Redemption of Shares" 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, (i) 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 and (ii) the Sponsor will promptly update the Trust's
         website to remove any identification of the Authorized Participant as
         an authorized participant of the Trust.

SECTION 14. TITLE TO EURO. The Authorized Participant represents and warrants
that upon delivery of a Creation Basket Deposit 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 euro which are the subject of such Creation
Basket Deposit, 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 euro 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 AP 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 (including by bringing proceedings against the
Authorized Participant in its own name) to enforce any obligation of the
Authorized Participant 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


                                       7


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. This Agreement, the Procedures attached
         as Attachment A and the Exhibits hereto may be amended, modified or
         supplemented by the Trustee and the Sponsor, without consent of any
         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) calendar 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 Participant Agreement
         (other than this Agreement), the Trustee will promptly mail a copy of
         such amendment, modification or supplement to the Authorized
         Participant.

         (b) Waiver of Compliance. 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 telex,
         telegram or 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. 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

                                       8


         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.

         (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.

                                       9


         (l) Survival. Sections 9 (Indemnification) and 15 (Third Party
         Beneficiaries) hereof 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."


                                                    * * * * * * *












                                       10



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,                        [NAME OF AUTHORIZED PARTICIPANT]
not in its individual capacity,
but solely as Trustee of
the Euro Currency Trust


By:  _______________________________         By: _______________________________
     Name:                                       Name:
     Title                                       Title

Address:                                     Address:

Telephone:                                   Telephone:

Facsimile:                                   Facsimile:




CURRENCY GROUP LLC,
Sponsor of the Euro Currency Trust


___________________________________
Name:
Title:

Address:


Telephone:

Facsimile:






                                       11


                                    EXHIBIT A




                               EURO CURRENCY TRUST

         FORM OF 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 Euro
Currency Trust Participant Agreement.

Authorized Participant:              _______________________

Name:                                          Name:

Title:                                         Title:

Signature:                                     Signature:

Name:                                          Name:

Title:                                         Title:

Signature:                                     Signature:

The undersigned, [name], [title] of [company], 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 Euro Currency Trust
Participant Agreement by and between [Authorized Participant] and the Trustee
and the Sponsor of the Euro Currency Trust, dated [date], 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 and the seal of
[company] on the date set forth below.

Subscribed and sworn to before me                           By:
this          day of                        , 20
                                                            Name:

                                                            Title:

                                                            Date:

Notary Public

















                                    EXHIBIT B

                               EURO CURRENCY TRUST

                               PURCHASE ORDER FORM

                          THE BANK OF NEW YORK, TRUSTEE
--------------------------------------------------------------------------------
                         CONTACT INFORMATION FOR ORDER EXECUTION:
Telephone order number:    (718) 315-4811 / 315-4512
Fax order number:          (718) 315-4881
Depository Instructions    (000-000-0000)/SWIFT CHASDEFX
--------------------------------------------------------------------------------
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 FXE 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 EURO Currency 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 Euro Amount disseminated the previous business day
and recognizes the final Basket Euro 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 Euro 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 in 3
business days.

________________________________________     ___________________________________
       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 EUROs___________________                Final # of FXE Shares________

________________                    _______    _________________________________
Date                                Time         Authorized Signature of Trustee






                                    EXHIBIT C

                              EURO CURRENCY TRUST

                              REDEMPTION ORDER FORM

                          THE BANK OF NEW YORK, TRUSTEE
-----------------------------------------------------------------------------
                         CONTACT INFORMATION FOR ORDER EXECUTION:
Telephone order number:    (718) 315-4811 / 315-4512
Fax order number:          (718) 315-4881
Depository Instructions    (000-000-0000)/SWIFT CHASDEFX
--------------------------------------------------------------------------------
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 FXE 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 EURO Currency 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 Euro Amount disseminated the previous business day
and recognizes the final Basket Euro 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 Euro 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 in
3 business days.

________________________________________     ___________________________________
       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 EUROs___________________                Final # of FXE Shares________

________________                    _______    _________________________________
Date                                Time         Authorized Signature of Trustee





                                  ATTACHMENT A


                                     FORM OF
                               EURO CURRENCY TRUST
                              PARTICIPANT AGREEMENT



CREATION AND REDEMPTION OF EURO CURRENCY SHARES AND RELATED EURO TRANSACTIONS

Scope of Procedures and Overview

These procedures (the "Procedures") describe the processes by which one or more
Baskets of Euro Currency Trust shares (the "Shares") issuable by The Bank of New
York, as trustee (the "Trustee") of the Euro Currency 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 euro between the Authorized Participant and the
Trust, certain processes relating to the underlying euro transfers also are
described.

Under these Procedures, Baskets may be issued only with respect to euro
transferred to and held in the Trust's accounts maintained in London, England by
JP Morgan Chase, N.A., London Branch, 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
____________ 2005, between Currency Group 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 "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.

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 (the "Transaction
Fee").

Authorized Participants and the Trust Transfer Euro 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 number") to each
Authorized Person authorized to act for the Authorized Participant. This will
allow the Authorized Participant through its Authorized Person(s) to place
Purchase Order(s) or Redemption Order(s) (together, "Orders") for Baskets.

Important Notes:

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

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






                                CREATION PROCESS
                                    OVERVIEW


         The "Creation Process" portion of these Procedures describes the
process by which an order to purchase one or more Baskets of Shares placed by an
Authorized Participant with the Trustee by 4:00 p.m. New York City ("NYC") time
on the Business Day that is the Order Date under the Trust Agreement ("CREATION
T"), results in the following taking place by 9:30 a.m. New York City time
(usually 3:30 p.m. Central European Time ("CET")) on CREATION T+3:

         transfer to the Trust of euros in the amount corresponding to the
                  Shares to be issued, and

         transfer to the Authorized Participant's account at The Depository
                  Trust Company ("DTC") of Shares corresponding to the euros the
                  Participant has transferred to the Trust.

         Important Notes:

         Any Purchase 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.

         Incoming telephone calls are queued and will be handled in the sequence
                  received. Calls placed before the Order Cut-off Time will be
                  processed even if the call is taken after that time.
                  Accordingly, do not hang up and redial. Purchase Orders that
                  are placed later than the Order Cut-off Time will be rejected.

C1   CREATION T (PURCHASE ORDER TRADE DATE)

     C1.1     By the Order Cut-off Time (4:00 p.m. NYC time), the Authorized
Participant submits to the Trustee the Authorized Participant's order to create
one or more Baskets of Shares in accordance with the following process (a
"Purchase Order").

     C1.1.1   By the Order Cut-off Time, an Authorized Person of the
Authorized Participant calls the Trustee at 718-315-4811 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 number as
identification to the Trustee.

     C1.1.2   The Trustee will process Purchase Orders initiated by the
Authorized Person's phone call placed before the Order Cut-off Time even though
the remainder of the order process is not completed until after the Order
Cut-off Time.

     C1.1.3   Purchase Orders initiated after the Order Cut-off Time 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 Trustee's phone call
giving the order number, the Authorized Participant faxes the Purchase Order to
the Trustee using the Purchase Order Form included as part of the Participant
Agreement.

                                      A-2


     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
Fee 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 enquire 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 Fee.

     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 5:00
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 Fee prior to delivery of Baskets on CREATION T+3" and
indicating, on a preliminary basis subject to confirmation, the number of euros
the Participant must transfer in exchange for the Basket(s).

     C1.3    The Participant ensures that by 3:30 p.m. CET (usually 9:30 a.m.
NYC time) on CREATION T+3 there sufficient euros 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 euros via
(RTGSplus, EBA EURO1or TARGET). SWIFT BIC - CHASDEFX

     C1.4.3  The Authorized Participant must have signed and delivered the
Participant Agreement with 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 euro transfers set up with its
sending financial institution.

     C1.4.5  By 3:30 p.m. CET time on CREATION T+3, euros in the amount
needed to acquire the Shares must be standing to the credit of the Trust's
account at the Depository (the "Deposit Account") in order for the Authorized
Participant to receive Shares on CREATION T+3.

     C1.4.6  An Authorized Participant may only deliver euros for credit to
the Depository in the following ways (RTGSplus, EBA EURO1 or TARGET) SWIFT BIC -
CHASDEFX

     C1.4.7  Prior to the delivery of the Baskets on CREATION T+3, the
Authorized Participant must accept a DTC SPO Charge for the applicable
Transaction Fee from the Trustee. Purchase Orders for which the Trustee has not
received the Transaction Fee 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 Fee.

     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 authenticated electronic message (SWIFT MT210) to the
Depository (by T+1) indicating the approximate total amount of euros by
Authorized Participant that the Depository will receive on CREATION T+3.

                                      A-3


C2   CREATION T+1

     C2.1    The Purchase Orders and instructions given on CREATION T are all
pending with the Trustee.

     C2.2    The Depository receives the Trustee's message (SWIFT MT210) about
the approximate total amount of euros the Authorized Participant is required to
transfer not later than 3:30 p.m. CET on CREATION T+3.

C3   CREATION T+2

     C3.1    After calculation of the Euro Basket Amount, on CREATION T+2 the
Trustee notifies the Authorized Participant of the final amount of euro that
must be deposited in the Deposit Account not later than 3:30 p.m. CET on
CREATION T+3 for creation of the Baskets on that day.

C4   CREATION T+3

     C4.1    By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Depository has
received each Authorized Participant's wire transfer of euros in the Deposit
Account.

     C4.2    As of 3:30 p.m. CET time, the Depository notifies the Trustee that
the relevant amount(s) of euros 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 Fee from the Authorized Participant.
(SPO/DTC)

     C4.4    At 11:00 a.m. NYC time, following receipt of the notice from the
Depository confirming the transfer of the relevant amount(s) of euros 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 relevant amount(s)
of euros.

     C4.5    By 11:00 a.m. NYC time, following receipt of the notice from the
Depository confirming the transfer of the relevant amount(s) of euros 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.

     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 euros in the
relevant amount(s) have been received into the Deposit Account.

     C4.7    Overnight as of the close of business (usually 3:30 p.m. CET time)
on CREATION T+3, the Depository makes appropriate entries in its books and
records to reflect the the creation.

     C4.8    Overnight after the close of business (usually 3:30 p.m. CET time)
on CREATION T+3, the Depository Euros system updates account records, recording
the movements of euros in the Deposit Account and providing updated balances in
the affected accounts as of the close of business (usually 3:30 p.m. CET time)
on CREATION T+3.

                                      A-4


         C4.9 Overnight after the close of business (usually 3:30 p.m. CET time)
on CREATION T+3, the Depository Euros system automatically generates
authenticated electronic messages constituting a statement of the activity
affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by
the Trustee).

                               REDEMPTION PROCESS
                                    OVERVIEW


         The "Redemption Process" portion of these Procedures describes the
process by which an order to redeem one or more Baskets of Shares placed by an
Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business
Day that is the Order Date under the Trust Agreement ("REDEMPTION T"), results
in the following taking place by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on
REDEMPTION T+3:


         the transfer to the Trustee's account at DTC and withdrawal of the
                  Authorized Participant's Shares corresponding to euros in the
                  relevant amount(s) that the Trust is to transfer to the
                  Authorized Participant by credit wire (RTGSplus, EBA EURO1 or
                  TARGET); corresponding to the Shares delivered for redemption.

Important Notes:

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

         Incoming telephone calls are queued and will be handled in the sequence
                  received. Calls placed before the Order Cut-off Time will be
                  processed even if the call is taken after that time.
                  Accordingly, do not hang up and redial. Redemption Orders that
                  are placed later than the Order Cut-off Time will be rejected.

R1   REDEMPTION T (REDEMPTION ORDER TRADE DATE)

     R1.1    By the Order-Cut-off Time (4:00 p.m. NYC time), the Authorized
Participant places an order to redeem Shares with the Trustee in accordance with
the following process (such order, a "Redemption Order").

     R1.1.1  By the Order Cut-off Time, an Authorized Person of the
Authorized Participant calls the Trustee at 718-315-4811 notifying the Trustee
that the 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 number as
identification to the Trustee.

     R1.1.2  The Trustee will process the Redemption Order(s) initiated by
the Authorized Person's phone call placed before the Order Cut-off Time even
though the remainder of the order process is not completed until after the Order
Cut-off Time.

     R1.1.3  Redemption Orders initiated after the 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 faxes the Redemption Order to the Trustee
using the Redemption Order Form included as part of the Participant Agreement.

                                      A-5


     R1.1.6  The Redemption Order Form provides, among other things, for the
number of Redemption Baskets that the Authorized Participant is redeeming and
the condition that the Redemption Order is subject to Trustee's receipt of the
Transaction Fee by SPO/DTC prior to the delivery of the euros in the relevant
amount(s) on REDEMPTION T+3.

     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 enquire 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 Fee.

     R1.2    If the Trustee has received back the Authorized Participant's
Redemption Order Form on time in accordance with the preceding timing rules,
then by 5:00 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 Fee prior to delivery of the euros
on REDEMPTION T+3" and indicating, on a preliminary basis subject to
confirmation, the number of euro the Participant will receive upon redemption of
the indicated Basket(s) of Shares.

     R1.3    For each Redemption Order, the Trustee sends an authenticated
electronic message (SWIFT MT202 or MT103plus) to the Depository indicating the
amount of euros to transfer from the Deposit Account by wire (RTGSplus, EBA
EURO1 or TARGET) to the Authorized Participant's designated account by 3:30 p.m.
CET (usually 9:30 a.m. NYC time) on REDEMPTION T+3.

R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

     R1.4.1  The Trustee will prepare an authenticated electronic message
(SWIFT MT202 or MT103plus) containing instructions on REDEMPTION T specifying
REDEMPTION T+3 as the date on which the instructions will be executed.

     R1.4.2  The Trustee will only deliver the authenticated electronic
message (SWIFT MT202 or MT103plus) to the Depository on T+3 after confirming the
Trustee's receipt of Shares from the Authorized Participant through DTC.

R2   REDEMPTION T+1

     R2.1    Redemption orders and related instructions are in process.

     R2.2    The Depository receives the authenticated electronic message
     (SWIFT) or e-mail from the Trustee notifying the Depository of the
     approximate amount of euros needed for each Authorized Participant on
     REDEMPTION T+3.

R3   REDEMPTION T+2

     R3.1    After calculation of the Euro Basket Amount, on REDEMPTION T+2
     the Trustee notifies the Authorized Participant of the final amount of
     euros the Authorized Participant will receive upon redemption of the
     Basket(s) on Redemption T+3.

R4   REDEMPTION T+3

     R4.1    Prior to the delivery of euros on REDEMPTION T+3, the Trustee must
have received the Transaction Fee from the Authorized Participant (SPO/DTC).

     R4.2    By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Authorized
Participant delivers free to the Trustee's participant account at DTC (#TBD) the
Shares to be redeemed. The Authorized


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Participant telephones the Trustee's DTC operations desk [phone number] to
expect the Authorized Participant's Shares through DTC.

     R4.2.1  By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Trustee's DTC
operations desk notifies the Trustee whether the Shares of the redeeming
Authorized Participant have been received into the Trustee's participant account
at DTC.

     R4.2.2  By 3:30 p.m. CET (usually 9:30 a.m. NYC time), if the Shares of
the redeeming 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  By 3:30 p.m. CET (usually 9:30 a.m. NYC time), if the Shares of
a redeeming Authorized Participant have not been received into the Trustee's
participant account at DTC, the Trustee's operations desk notifies the Trustee
that the Trustee has not received the Shares from the Authorized Participant,
and identifies the Authorized Participant from whom Shares have not been
received.

      R4.3   By 3:30 p.m. CET (usually 9:30 a.m. NYC time), in relation to the
Authorized Participants from whom the Trustee has received Shares, the Trustee
sends an authenticated electronic message (SWIFT MT202 or MT103plus) to the
Depository directing the Depository to transfer euros in the relevant amount(s)
to the Authorized Participant's designated account by wire (RTGSplus, EBA EURO1
or TARGET).

     R4.4    As of 3:30 p.m. CET time(usually 9:30 a.m. NYC time), following
the receipt of the authenticated confirmatory electronic message from the
Trustee, the Depository executes the instructions from the Trustee to wire euros
in the relevant amount(s) from the Trust Account and to transfer euros in the
relevant amount(s) to the Authorized Participant's designated account.

     R4.4.1  By DTC free delivery cut-off time (usually 2:00 p.m. NYC time),
the Trustee's DTC operations desk instructs the Trustee's transfer agent
services desk to cancel Shares received for redemption.

     R4.4.2  By DTC free delivery cut-off time (usually 2:00 p.m. NYC time),
the Trustee's transfer agent services desk cancels the Authorized Participant's
Shares received for redemption and reduces the numbers of the Shares
outstanding.

     R4.5    Overnight as of the close of business (usually 3:30 p.m. CET) on
REDEMPTION T+3, the Depository makes the appropriate entries in its books and
records to reflect the redemptions.

     R4.6    Overnight after the close of business (usually 3:30 p.m. CET) on
REDEMPTION T+3, the Depository Euros system updates its account records,
recording the movements of euros in the Deposit Account and providing updated
balances in the affected accounts as of the close of business (usually 3:30 p.m.
CET) on REDEMPTION T+3.

     R4.7    Overnight after the close of business (usually 3:30 p.m. CET) on
REDEMPTION T+3, the Depository Euros 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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