Document:

EXHIBIT 10.1

                              GLOBAL ACCOUNT TERMS

                            DEPOSIT ACCOUNT AGREEMENT

     The Bank of New York, in its capacity as trustee of the CurrencyShares
British Pound Sterling Trust, a trust formed under New York law (the "Customer"
or "Trust") and the London Branch of JPMorgan Chase Bank, N.A. (the "Bank")
undertake to comply with and be bound by the following Global Account Terms of
this Deposit Account Agreement (the "Agreement").

ESTABLISHING ACCOUNTS

1.1  The Customer's British Pound-denominated, (i) interest-bearing account (the
     "Interest Account") and (ii) non interest-bearing account ( the
     "Non-Interest Account") (each individually the "Account" and collectively
     the "Accounts") maintained with the Bank shall be subject to these Global
     Account Terms (the "Account Terms") and the Account Application and the
     Signature List executed by the Customer regarding the Accounts attached
     hereto (together, the "Account Applications"); and, by continuing to use
     the Accounts, the Customer acknowledges its acceptance of these Account
     Terms and the relevant Account Applications.

1.2  Unless otherwise specified, the Customer will establish the Accounts as
     principal. The Customer shall not transfer any of its rights and interests
     in the Accounts nor create any form of security interest over such rights
     and interests without the prior written consent of the Bank.

1.3  The Customer represents and warrants that it has power and capacity to open
     and operate the Accounts, that the Account Terms and the relevant Account
     Applications constitute valid and binding obligations of the Customer and
     that the Customer has taken all necessary actions to duly authorize the
     execution and delivery of the same.

SIGNATORIES

2.1  "Signatory" means a person named in the relevant Account Application (or
     other analogous document under which the Customer authorises persons to
     communicate with the Bank in relation to the Accounts) who is authorised to
     act on behalf of the Customer at the time of the relevant Instruction (as
     defined in Section 4.1) and in respect of the matters set out in clause 3
     below.

2.2  The Bank may treat any Signatory as duly authorised to issue Instructions
     until the Bank receives written notice from the Customer, after which the
     Bank shall act promptly, that the Signatory no longer has the authority to
     issue Instructions.

2.3  The Customer will provide specimen signatures (including specimens of
     facsimile signatures and/or personal seals) to the Bank (in the Account
     Application or otherwise) in the number and form required and will verify
     the identity of each Signatory in a manner required by the Bank.

AUTHORITY OF SIGNATORIES

3.1  Each Signatory, subject to any written limitation received by the Bank from
     the Customer, is authorised on behalf of the Customer to:

     (a)  open, operate and close the Accounts;

     (b)  appoint and remove Signatories;

     (c)  execute the Account Application(s) and any form of agreement relating
          to communications, whether by telephone, telex, electronic or other
          means;

     (d)  execute any agreements relating to overdrafts, borrowings or cash
          management;

     (e)  draw, accept, endorse or discount cheques, drafts, bills of exchange,
          notes and other instruments;

     (f)  overdraw the Accounts as may be permitted by the Bank;

     (g)  make arrangements with the Bank concerning periodic payments into or
          out of the Accounts;

     (h)  advise the Bank of credits destined for the Customer's Account;

     (i)  place money on interest-bearing or term deposit with the Bank and
          withdraw that money and accrued interest either on or before any
          applicable maturity date;

     (j)  authorize and request the Bank to effect foreign exchange transactions
          and purchase and/or sell treasury products for the account of the
          Customer;

     (k)  deposit any property of the Customer with the Bank for safe keeping,
          have access to and reclaim any property so deposited or give the Bank
          Instructions in relation to it;

     (l)  execute guarantees, indemnities or other undertakings to the Bank in
          relation to:

          (i)   missing documents;

          (ii)  guarantees, letters of credit or other undertakings given or to
                be given by the Bank to or at the request of the Customer; or

          (iii) anything else done or to be done by the Bank at the request of
                the Customer;

     (m)  give the Bank any form of security over, or make any other
          arrangements with the Bank concerning, any property of the Customer
          including without limitation bills of exchange, bills of lading,
          warehouse certificates, insurance policies and share and debenture
          certificates;

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     (n)  countermand, revoke or amend Instructions; and

     (o)  give the Bank Instructions relating to any of the above.

INSTRUCTIONS

4.1  "Instruction" means a communication, including without limitation a cheque
     or demand for payment, which (i) contains the information required by the
     Bank to enable the Bank to give effect to the communication; (ii) is
     received by the Bank in writing, by facsimile, tested or untested telex,
     SWIFT, telephone, or via the Bank's electronic instruction system or such
     other means as are for the time being agreed by the Customer and the Bank;
     and (iii) the Bank believes in good faith to have been given by the
     Customer.

4.2  The Customer is responsible for keeping and completing cheques and other
     forms and documents and for issuing Instructions in a manner so as to
     prevent unauthorised completion, alterations or additions. The Customer
     shall not issue cheques which are post- dated and shall immediately notify
     the Bank if it becomes aware that any of its cheques (whether completed or
     blank) are lost or stolen.

4.3  If the Bank and the Customer at any time agree on a security procedure to
     be used in relation to any category of communications (including
     encryption), the Customer shall safeguard any test keys, passwords,
     identification codes or other security or authentication devices, make them
     available only to properly authorised persons and be fully responsible for
     any use of such security procedure (whether authorised or unauthorised)

4.4  Nothing in this Clause 4 obligates the Bank to confirm Instructions which
     appear to the Bank acting in good faith to have been given by the Customer.

AUTHORITY AND OBLIGATIONS OF THE BANK

5.1. The Bank is authorised and agrees to accept, honour and execute without
     inquiry each Instruction which the Bank believes in good faith to have been
     given by a Signatory and any other Instruction communicated by other means
     which the Bank receives in strict accordance with any agreed security
     procedure. Provided the Bank believes in good faith that an Instruction has
     been given by a Signatory, where such an Instruction has been effected by
     means of a facsimile signature, personal seal or chop, the Bank is
     authorised to act on such Instruction, regardless of by whom the facsimile
     signature, personal seal or chop was actually affixed. The Bank need not
     inquire into the circumstances of any transaction.

5.2  The Bank may at its option use any means to confirm or clarify
     Instructions, even if any agreed security procedure appears to have been
     followed. If the Bank is not satisfied with any confirmation or
     clarification, it may decline to honour the Instruction.

5.3  The Bank has established cut-off times for some categories of
     communications, details of which are attached hereto as Addendum A. If an
     Instruction is received by the Bank after its cut-off times, the Bank may
     process the Instruction on the next day on which it is open for such
     business. The Bank may process any Instruction through any of the payments
     systems identified in Addendum A.

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5.4  Execution of Instructions will be subject to applicable law and the rules
     of the payment system used, including those laws or rules concerning a
     misdescribed or missing beneficiary, beneficiary's bank or intermediary
     bank. The Bank may rely on the identifying number of any account,
     intermediary or beneficiary's bank which appears in an Instruction as the
     proper identification of the beneficiary, intermediary or beneficiary's
     bank notwithstanding that the Instruction identifies an entity different
     from the entity identified by name in the Instruction. The Bank may
     complete or correct incomplete or inaccurate intermediary or beneficiary
     bank details.

5.5  Due to the operations of the Trust, mid-month redemptions of shares of the
     Trust could result in an Instruction that would require a withdrawal from
     the Non-Interest Account in excess of the balance in such account. The Bank
     shall honour such an Instruction without assessing an overdraft fee. They
     Bank may charge customary interest, fees and other expenses for all other
     overdrafts of the Non-Interest Account or the Interest Account.

5.6  Where execution of an Instruction requires the Bank to purchase or sell a
     currency other than the currency of the Account on which the Instruction is
     given, the Bank is authorised to purchase or sell the currency at a
     commercially reasonable rate at the relevant time for the purchase or sale
     of such currency taking into account the size and tenor of the transaction.

5.7  If the Customer chooses to confirm any Instruction, any confirmation must
     be clearly marked as such and, if there is any discrepancy between an
     Instruction and any confirmation, the terms of the Instruction shall
     prevail.

DEPOSITS, AVAILABILITY OF FUNDS

6.1  The Customer undertakes that it will have good title to all items presented
     to the Bank for deposit or for any other purpose. Money deposited or paid
     into an Account will not be regarded as available until collected and
     irrevocably received in cleared funds. The Customer requests that the Bank
     accept without inquiry all cheques and other instruments presented for
     deposit into the Account without checking whether they are valid, properly
     endorsed or owned by the Customer.

6.2  As collecting bank, the Bank as agent for the Customer will deal with and
     present the cheques and instruments in accordance with the custom and
     practice of the country in which the cheques are collected.

6.3  If the Bank credits the Account in contemplation of receiving funds for the
     Customer's credit and those funds are not actually received by the Bank, or
     on the faith of a transaction which is subsequently set aside or revoked,
     or if the Bank does not receive funds for the Customer's credit for value
     on the date advised by or on behalf of the Customer, the Bank shall be
     entitled to debit the Account of the Customer with the amount previously
     credited and/or with any other charges incurred. If the Account becomes
     overdrawn or further overdrawn as a result of such debit, the Customer will
     pay on demand the overdrawn amount and interest on the overdrawn amount.

6.4  Bank reserves the right not to accept, and to return without interest to
     the remitter of funds, the amounts received for deposit to the Interest
     Account on any Bank business day, if the

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     aggregate deposit liability of the Bank to the Trust following the deposit
     of such amounts would exceed the British Pound equivalent of $4.0 billion
     U.S. dollars calculated at the Federal Reserve Bank of New York Noon Buying
     Rate (the "Noon Buying Rate") for the British Pound or another recognized
     market rate for the British Pound if the Noon Buying Rate is not available
     on the banking day such deposits are received by the Bank.

6.5  The Bank shall notify the Customer and the Customer's sponsor if there are
     extraordinary circumstances causing the Bank to reasonably expect that it
     will be unable to accept Instructions for the withdrawal of money held in
     the Accounts. Upon such notification, the Customer may determine, in its
     sole discretion, to suspend generally or refuse orders to redeem shares of
     the Trust. In such case, the Customer and the Bank shall consult with each
     other and use good faith efforts to resume withdrawals as soon as possible.

6.6  Each day that orders are placed with and accepted by the Trust for the
     purchase or redemption of shares in the Trust, the Trust shall notify the
     Bank of the anticipated amounts in British Pounds that will be deposited
     to, or withdrawn from, the Interest Account on the settlement date for
     those orders.

INTEREST

7.1  Interest will accrue daily, in British Pounds, on all British Pound
     balances in the Interest Account only and will be credited monthly, in
     British Pounds, to the Non-Interest Account. No interest will be earning on
     balances in the Non-Interest Account. The Bank agrees that it will
     endeavour at all times to pay a competitive interest rate on all British
     Pound balances in the Interest Account. As of the date of this Agreement,
     the Bank has agreed to pay interest at a rate equal to the Sterling
     Overnight Index Average ("SONIA") as published on Page 3937 on Moneyline
     Telerate less 37 basis points on all balances in the Interest Account. The
     Bank may change the rate based upon changes in the SONIA index, other
     market conditions or the Bank's liquidity needs. The Bank will notify the
     Customer of the interest rate applied each Bank business day after the
     close of the Bank business day. The Bank will endeavour to provide to the
     Customer and Customer's sponsor advance notice whenever the Bank intends to
     change the interest rate on the Interest Account, except where there are
     unforeseen changes in conditions or significant changes in the Trust's
     balances in the Interest Account. If the Bank at any time pays an
     unsatisfactory interest rate on the Interest Account, the Customer's sole
     recourse will to be to withdraw the British Pound balance from the Interest
     Account, terminate the Deposit Account Agreement and close the Accounts.

ACCOUNT INFORMATION

8.1  The Bank will issue, on a daily basis, balance and transactions reports for
     the Accounts for the previous banking day. Bank will also send a periodic
     statement of account for the Accounts as agreed with the Customer.

8.2  The Customer will ensure that the statements, confirmations and advices it
     receives from the Bank are examined by a responsible person on behalf of
     the Customer within a reasonable time of receipt and, thereupon, Customer
     shall promptly notify the Bank of any mistake or discrepancy of which the
     Customer becomes aware from such statements, confirmations and

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     advices. The Bank shall not be responsible for the Customer's reliance on
     balance, transaction or related information which is subsequently updated
     or corrected or for the accuracy or timeliness of information supplied by
     any third party to the Bank.

OTHER DOCUMENTATION

9.1. These Account Terms and the Account Applications replace any existing
     agreements relating to the subject matter hereof or thereof, with effect
     from the date the Bank receives the relevant Account Application or
     analogous document in form and substance satisfactory to the Bank.

9.2  These Account Terms are in addition to any future agreement between the
     Bank and the Customer (including without limitation any agreement relating
     to the provision of electronic banking services, specific payment or cheque
     services or custody services) and if there is an inconsistency between
     these Account Terms and any such other agreement, any such other agreement
     will prevail for the purposes of the particular account or service which is
     the subject of such other agreement. If there is an inconsistency between
     these Account Terms and any terms of the relevant Account Application(s),
     the terms of the Account Application(s) shall prevail for the purposes of
     the Account(s) which are subject to such Account Application(s).

REVERSALS

10.1 Unless otherwise expressly provided, all Instructions shall continue in
     full force and effect until cancelled or superseded. Instructions may be
     reversed, amended, cancelled or revoked by the Customer only with the
     consent of the Bank. That consent shall not be withheld unless the Bank
     reasonably determines that it would not be possible to give effect to any
     reversal, amendment or revocation, or the Bank has entered into other
     transactions or otherwise materially changed its position as a result of
     receiving such Instructions.

10.2 The Customer may stop payment of a cheque at any time provided the Bank
     branch on which the cheque is drawn receives an Instruction to that effect
     from the Customer prior to the Bank honouring or arranging to honour the
     cheque concerned.

10.3 If the Bank erroneously posts or fails to post an entry to the Account the
     Bank may reverse or make a correcting entry and the provisions of clause
     6.3 shall apply to any resulting overdraft.

FEES AND CHARGES

11.1 The Bank may, at its option, invoice the Customer or debit the Account for
     services or for handling telecommunications or messages dispatched at the
     Customer's request, and other out of pocket costs incurred by it for the
     Customer's account in accordance with its fee arrangements in place from
     time to time. Attached hereto and marked "Fee Schedule" is a copy of the
     current fees. All payments to be made to the Bank shall be in full, without
     set-off or counterclaim and free of any deductions or withholdings on
     account of any tax or otherwise. The Bank will forward to the Customer a
     statement in respect of each Account detailing all interest (if applicable)
     and fees charged to that Account.

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11.2 The Customer agrees to pay or reimburse the Bank for any taxes, levies,
     imposts, deductions, charges, stamp, transaction and other duties and
     withholdings (together with any related interest, penalties, fines, and
     expenses in connection with them) in connection with the Accounts
     (including payments or receipts to the Accounts) except if imposed on the
     overall net income of the Bank.

REPAYMENT OF OVERDRAFTS

12.1 In the event that there is an overdraft of the Non-Interest Account (as
     provided for in Section 5.5 hereof), any monies paid into the Non-Interest
     Account will first be used to credit such overdraft.

INDEMNITY AND LIABILITY

13.1 The Customer shall fully indemnify the Bank and its employees, officers and
     directors and each of the affiliates and subsidiaries of JPMorgan Chase
     Bank, N.A. on demand, at all times against any losses, costs, claims,
     damages, liabilities and expenses (including without limitation legal fees)
     which it or they suffer or incur directly or indirectly as a result of (i)
     the Customer's breach of these Account Terms, (ii) the Bank acting on what
     it believed in good faith to be the Customer's communication or Instruction
     or because of anything done under or as contemplated by these Account
     Terms. This indemnity is in addition to and not in substitution for any
     other indemnity or right in favour of the Bank given by law or otherwise
     and shall not be affected or discharged by any thing.

13.2 (i) Subject to clause 13.2 (ii) below, the Bank shall be liable only for
     direct loss or damage which the Customer suffers or incurs arising from the
     Bank's gross negligence or willful misconduct and shall not be liable for
     any other loss or damage of any nature.

     (ii) The Bank shall not in any event be liable for loss of business or
     profits or goodwill or any indirect or consequential or punitive or special
     loss or damage, in each case whether or not reasonably foreseeable, even if
     the Bank has been advised of the likelihood of such loss or damage and
     whether arising from negligence, breach of contract or otherwise.

     (iii) The provisions of clause (i) and (ii) above shall not apply to the
     extent that the loss or damage is caused by fraud on the part of the Bank.

13.3 The Bank of New York enters into this Agreement only in its capacity as
     trustee and in no other capacity, and in no circumstances shall The Bank of
     New York have any liability under or in connection with this Agreement
     other than as trustee of the Trust. Any liability of the Trustee arising
     under or in connection with this Agreement is limited to, and can be
     enforced against the Trustee only to the extent to which such liability can
     be satisfied out of, the assets of the Trust which are available under the
     terms of the trust agreement governing the Trust to meet such liability at
     the time the amount in respect of such liability is claimed against the
     Trustee. This limitation on the Trustee's liability applies despite any
     other provision of this Agreement and extends to all liabilities and
     obligations of the Trustee in any way connected with any representation,
     warranty, conduct, omission, agreement or transaction related to this
     Agreement, except that the Trustee will be held

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     liable individually for its fraud or willful misconduct in connection with
     these Account Terms.

GOVERNING LAW AND JURISDICTION

14.1 These Account Terms, the relevant Account Application and the rights and
     obligations of the Customer and the Bank in respect of the Accounts shall
     be governed by, performed and construed in accordance with the laws of
     England.

14.2 If any of these Account Terms is unenforceable or illegal in any
     jurisdiction, that will not affect the rest of the Account Terms in that
     jurisdiction, or any of the Account Terms in any other jurisdiction.

14.3 In relation to the Accounts, the courts of England shall have non-exclusive
     jurisdiction to settle any disputes which arise out of or are connected
     with these Account Terms, the relevant Account Application and/or the
     relevant Account. This clause does not prevent the Bank or Customer from
     taking proceedings in the United States.

RECORDING

15.1 The Bank may record telephone conversations in connection with an
     Instruction. At the Customer's request and cost the Bank will supply a copy
     or transcript of any such recording to the Customer. The recording or
     transcript may be used in resolving any dispute between the Bank and the
     Customer. Recordings and any transcript shall be the property of the Bank.

15.2 The Bank may microfilm or electronically record any document and subject to
     any law affecting the relevant Account may destroy the original of such
     documents. Subject to the provisions of applicable law the Bank and the
     Customer shall be entitled to rely on any such stored document in any legal
     proceeding or for any other purpose.

DISCLOSURE

16.1 The Customer authorises the Bank to retain an affiliated company and/or any
     other agents to perform data processing, collection and other services
     which the Bank considers necessary or desirable for the Bank. The Bank
     reserves the right to modify or terminate its arrangements with its agents
     at any time.

16.2 The Customer agrees that Instructions and information concerning the
     Accounts, the Customer and transactions to be disclosed in accordance with
     this clause 16 may be transmitted across national boundaries and through
     networks including those owned and operated by third parties.

16.3 The Customer authorises the Bank to disclose information concerning the
     Accounts, transaction or the Customer where, (i) in the Bank's view, the
     disclosure is necessary or desirable for the purpose of allowing the Bank
     to perform its duties and exercise its powers and rights hereunder; (ii)
     the disclosure is to a proposed assignee of the rights of the Bank in
     respect of the Account; (iii) the disclosure is to a branch, affiliate,
     subsidiary, employee or agent of JPMorgan Chase & Co. or to its auditors or
     legal advisers; (iv) the disclosure is to

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     the auditors of the Customer; or (v) as may be otherwise required by law,
     irrespective of whether the disclosure is made in the jurisdiction in which
     the Customer is resident, the Account is kept, the transaction conducted or
     elsewhere.

FORCE MAJEURE

17.1 The Bank shall have no liability for any damage, loss, expense or liability
     of any nature which the Customer may suffer or incur, to the extent caused
     by an act of God, fire, flood, civil or labour disturbance, war or
     terrorism, act of any governmental authority or other act or threat of any
     authority (de jure or de facto), legal constraint (including attachments or
     other legal process), fraud or forgery (other than on the part of the Bank
     or any of its directors, officers or employees), malfunction of equipment
     (including, without limitation, any computer or related software) except
     where such malfunction is primarily attributable to the Bank's gross
     negligence in maintaining the equipment or software, failure of or the
     effect of rules or operations of any funds transfer system, inability to
     obtain or interruption of communications facilities, or any cause beyond
     the reasonable control of the Bank (including, without limitation, the
     non-availability of appropriate foreign exchange);

17.2 Any amount standing to the credit of the Account with the Bank is payable
     exclusively at the branch at which the Account is held: however, payment
     may be suspended from time to time in order to comply with any law,
     regulation, governmental decree or similar order for the time being
     affecting the Bank, its officers, employees, affiliates, agents or
     correspondents.

NOTICES

18.1 Any communication, other than an Instruction, shall be in writing unless
     otherwise agreed and may be sent by personal delivery, facsimile, telex,
     SWIFT or post, addressed, in the case of communications from the Customer
     to the Bank, to the branch of the Bank where the Account is maintained,
     and, in the case of communications from the Bank to the Customer, to the
     address notified by the Customer to the Bank from time to time. Any
     communication will only be effective when actually received.

CLOSURE/TERMINATION

19.1 The Bank has the right to close an Account at any time by not less than
     ninety days notice in writing addressed to the Customer at its most recent
     address as advised by the Customer to the Bank. Before or on the expiry of
     such notice the Bank, will transfer any balance in the Account in
     accordance with the Customer's Instructions. On the expiry of such notice,
     the Bank's obligations in respect of the Account shall cease. However, any
     such closure or termination shall not affect the Customer's liabilities to
     the Bank arising prior to or after such termination or closure, all of
     which shall continue in full force and effect. In the absence of such
     Instructions the Bank may transfer the balance to an unclaimed moneys
     account.

MISCELLANEOUS

20.1 The expressions "Bank" and "Customer" when used herein shall include any
     successor of the Bank or the Customer, as applicable, and "successor" means
     an assignee or successor of

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     JPMorgan Chase Bank, N.A., or of the CurrencyShares British Pound Sterling
     Trust, as applicable, or any person who, under the laws of its jurisdiction
     of incorporation or domicile, has assumed the rights and obligations of
     JPMorgan Chase Bank, N.A., or of the CurrencyShares British Pound Sterling
     Trust, as applicable, hereunder or to which under such laws the same have
     been transferred.

20.2 If these terms are translated into, or appear in a language other than
     English, the English language version shall govern and control.

20.3 Headings are for convenience only and shall not affect the interpretation
     of this document.

20.4 The Customer acknowledges that deposits held in a branch of the Bank
     located outside of the U.S. are not insured by the Federal Deposit
     Insurance Corporation, are subject to cross-border risks and may enjoy a
     lesser preference, as compared to deposits held in the U.S., in the event
     the Bank should be liquidated, insolvent or placed into receivership or
     other proceeding for the benefit of creditors.

20.5 These Account Terms may be enforced only by the Bank or the Customer or
     such party's successors and permitted assigns. Notwithstanding the
     foregoing, but subject to the prior written consent of the Bank, each
     employee, officer and director of the Bank and each of the affiliates and
     subsidiaries of JPMorgan Chase Bank, N.A. may enforce the terms of clause
     13. The Bank and the Customer may at any time, by agreement, rescind these
     Account Terms or vary them without the consent of such employees, officers,
     directors or the affiliates and subsidiaries of JPMorgan Chase Bank, N.A.

20.6 (i) The Bank will collect information about the Customer and the Customer's
     employees and agents which may constitute personal data for the purposes of
     the Data Protection Act 1998 (the "Act") and other relevant data protection
     legislation (such as, without limitation, authorised signatory details).
     Such personal data may be collected by or on behalf of the Bank in a number
     of ways (the "Collection Methods"), including via Account Applications or
     other analogous documents, via applications or documentation relating to
     the provision to or use by the Customer of electronic banking services, or
     specific payment or cheque services, via the Customer's use of such
     electronic banking services, or specific payment or cheque services, and
     via other correspondence or communications between the Customer and the
     Bank.

     (ii) The Bank will use personal data collected by it or on its behalf via
     the Collection Methods for the following purposes (the "Purposes"); namely,
     for the purpose of providing the services to the Customer in accordance
     with the Global Account Terms and Account Applications, for otherwise
     administering the Account(s), for providing the Customer with services such
     as electronic banking services, or specific payment or cheque services, for
     the Bank's internal administrative purposes, for contacting the Customer
     about products and services which the Bank or other members of the Bank's
     group offer which the Bank believes may be of interest to the Customer, and
     as may be otherwise required by law or applicable regulatory or
     governmental authorities, and such purposes may include transfer of such
     personal data outside of the United Kingdom to the Bank's subsidiaries or
     other

                                       10

     connected companies or to other organisations as may be required by law or
     other applicable regulatory or governmental authorities.

     (iii) The Customer shall ensure that any disclosure of personal data made
     by it or by its employees or agents via the Collection Methods which relate
     to the Customer's employees or agents is only made following notification
     by the Customer to data subjects of the Purposes for which their personal
     data may be processed by or on behalf of the Bank, and is otherwise fair
     and lawful.

                         [Signatures on following page]

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          IN WITNESS WHEREOF, this Agreement has been duly executed as of
________, 2006.

                                   CURRENCYSHARES BRITISH POUND STERLING TRUST

                                   BY THE BANK OF NEW YORK, IN ITS CAPACITY
                                   AS TRUSTEE OF THE CURRENCYSHARES
                                   BRITISH POUND STERLING TRUST AND NOT IN ITS
                                   INDIVIDUAL CAPACITY

                                   By
                                      -------------------------------------
                                   Name:
                                         ----------------------------------
                                   Title:
                                          ---------------------------------

                                   JPMORGAN CHASE BANK, N.A., LONDON BRANCH

                                   By:
                                       ------------------------------------
                                   Name:
                                         ----------------------------------
                                   Title:
                                          ---------------------------------

                                       12EXHIBIT 4.1

           RYDEX SPECIALIZED PRODUCTS LLC, d/b/a "RYDEX INVESTMENTS",

                                   as Sponsor,

                              THE BANK OF NEW YORK,

                                   as Trustee,

 ALL REGISTERED OWNERS AND BENEFICIAL OWNERS OF AUSTRALIAN DOLLAR SHARES ISSUED
                                    HEREUNDER

                                       and

                                 ALL DEPOSITORS

                                   ----------

                           Depositary Trust Agreement

                   CurrencyShares(SM) Australian Dollar Trust

                                   ----------

                           Dated as of _________, 2006

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
ARTICLE 1 DEFINITIONS AND RULES OF CONSTRUCTION..........................     2
   Section 1.1  Definitions..............................................     2
   Section 1.2  Rules of Construction....................................     8

ARTICLE 2 STATEMENT OF PURPOSE; CREATION AND DECLARATION OF TRUST;
          FORM OF CERTIFICATES; DEPOSIT OF AUSTRALIAN DOLLARS; DELIVERY,
          REGISTRATION OF TRANSFER AND SURRENDER OF SHARES...............     9
   Section 2.1  Statement of Purpose; Duties and Powers of the Trust.....     9
   Section 2.2  Creation and Declaration of Trust; Business of the
                Trust....................................................     9
   Section 2.3  Form of Certificates; Book-Entry System;
                Transferabilityof Shares.................................    10
   Section 2.4  Deposit of Australian Dollars............................    12
   Section 2.5  Delivery of Shares.......................................    14
   Section 2.6  Registration and Registration of Transfer of Shares;
                Combination and Split-up of Certificates.................    14
   Section 2.7  Surrender of Shares and Withdrawal of Trust Property.....    15
   Section 2.8  Limitations on Delivery, Registration of Transfer and
                Surrender of Shares......................................    17
   Section 2.9  Lost Certificates, Etc...................................    17
   Section 2.10 Cancellation and Destruction of Surrendered
                Certificates.............................................    18
   Section 2.11 Splits and Reverse Splits of Shares......................    18

ARTICLE 3 CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES.............    19
   Section 3.1  Liability of Registered Owner for Taxes and Other
                Governmental Charges.....................................    19
   Section 3.2  Warranties on Deposit of Australian Dollars..............    19

ARTICLE 4 ADMINISTRATION OF THE TRUST....................................    20
   Section 4.1  Evaluation of Australian Dollars; Calculation of Net
                Asset Value..............................................    20
   Section 4.2  Responsibility of the Trustee for Evaluations............    21
   Section 4.3  Interest Account and Non-Interest Account................    21
   Section 4.4  Cash Distributions.......................................    21
   Section 4.5  Distributions of Surplus Property........................    22
   Section 4.6  Fixing of Record Date....................................    22
   Section 4.7  Payment of Trust Expenses................................    23
   Section 4.8  Statements and Reports...................................    24

                                        i

   Section 4.9  Further Provisions for Sales of Trust Property;
                Currency Conversion......................................    25
   Section 4.10 Counsel..................................................    26
   Section 4.11 Grantor Trust............................................    27

ARTICLE 5 THE SPONSOR....................................................    27
   Section 5.1  Duties of the Sponsor....................................    27
   Section 5.2  Obligations of the Sponsor...............................    28
   Section 5.3  Prevention or Delay in Performance by the Sponsor........    29
   Section 5.4  Certain Matters Regarding Successor Sponsor..............    29
   Section 5.5  Resignation of Sponsor; Successors.......................    30
   Section 5.6  Compensation of the Sponsor..............................    31
   Section 5.7  Federal Securities Law Filings...........................    31
   Section 5.8  Discretionary Actions by Sponsor; Consultation...........    32

ARTICLE 6 THE TRUSTEE....................................................    33
   Section 6.1  Maintenance of Office and Transfer Books by the Trustee..    33
   Section 6.2  Obligations of the Trustee...............................    33
   Section 6.3  Prevention or Delay in Performance by the Trustee........    34
   Section 6.4  Resignation or Removal of the Trustee; Appointment of
                Successor Trustee........................................    35
   Section 6.5  Transfers Between Interest Account and Non-Interest
                Account..................................................    37
   Section 6.6  The Depository...........................................    37
   Section 6.7  Compensation of the Depository...........................    38
   Section 6.8  Retention of Trust Documents.............................    38
   Section 6.9  Prospectus Delivery......................................    38
   Section 6.10 Discretionary Actions by Trustee; Consultation...........    39

ARTICLE 7 INDEMNIFICATION................................................    39
   Section 7.1  Indemnification of the Sponsor and Trustee...............    39

ARTICLE 8 AMENDMENT AND TERMINATION......................................    44
   Section 8.1  Amendment................................................    44
   Section 8.2  Termination..............................................    44

ARTICLE 9 MISCELLANEOUS..................................................    47
   Section 9.1  Counterparts.............................................    47
   Section 9.2  Third-Party Beneficiaries................................    48
   Section 9.3  Severability.............................................    48
   Section 9.4  Registered Owners, Beneficial Owners and Depositors as
                Parties; Binding Effect..................................    48
   Section 9.5  Notices..................................................    48
   Section 9.6  Agent for Service; Submission to Jurisdiction............    50
   Section 9.7  Governing Law............................................    50

                                       ii

EXHIBIT A -DEPOSIT ACCOUNT AGREEMENT

EXHIBIT B -FORM OF CERTIFICATES

                                       iii

                           DEPOSITARY TRUST AGREEMENT

          THIS DEPOSITARY TRUST AGREEMENT dated as of [___________], 2006,
between Rydex Specialized Products LLC, a Delaware limited liability company
d/b/a "RYDEX INVESTMENTS", as sponsor, THE BANK OF NEW YORK, a New York banking
corporation, as trustee, all Registered Owners and Beneficial Owners from time
to time of Australian Dollar Shares issued hereunder and all Depositors.

                                   WITNESSETH:

          WHEREAS the Sponsor desires to establish a trust, to be known as the
"CurrencyShares(SM) Australian Dollar Trust", pursuant to the laws of the State
of New York;

          WHEREAS the Sponsor desires to establish the terms on which Australian
Dollars (as herein defined) may be deposited in the trust and provide for the
creation of Australian Dollar Shares in Baskets (as herein defined) representing
fractional undivided interests in the net assets of the trust and the execution
and delivery of Certificates (as herein defined) evidencing the Australian
Dollar Shares; and

          WHEREAS the Sponsor desires to provide for other terms and conditions
upon which the trust shall be established and administered, as hereinafter
provided.

          NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the Sponsor and the Trustee hereby agree as
follows:

                                   ARTICLE 1

                      DEFINITIONS AND RULES OF CONSTRUCTION

          Section 1.1 Definitions.

          Except as otherwise specified in this Trust Agreement or as the
context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Depositary Trust Agreement.

          "Agreement" means this Depositary Trust Agreement, as amended or
supplemented in accordance with its terms.

          "Australian Dollar" means the official currency of Australia.

          "Authorized Participant" means a Person that, at the time of
submitting a Purchase Order or a Redemption Order, (i) is a registered
broker-dealer or other securities market participant, (ii) is a DTC Participant
or an Indirect Participant and (iii) has in effect a valid Authorized
Participant Agreement.

          "Authorized Participant Agreement" means an agreement among the
Trustee, the Sponsor and an Authorized Participant that authorizes the
Authorized Participant to submit Purchase Orders and Redemption Orders under
this Agreement.

          "Basket" means 50,000 Shares, except that the Trustee, in consultation
with the Sponsor, may from time to time increase or decrease the number of
Shares comprising a Basket.

          "Basket Australian Dollar Amount" is the amount of Australian Dollars
that must be deposited for issuance of one Basket or that, subject to the
exception stated in Section 2.7, is deliverable upon Surrender of one Basket.
The Basket Australian Dollar Amount will be determined as provided in Section
2.4(b).

                                        2

          "Beneficial Owner" means any Person owning, through DTC, a DTC
Participant, or an Indirect Participant, a Share.

          "Certificate" means a certificate that may be executed and delivered
by the Trustee under this Agreement evidencing Shares.

          "Code" means the Internal Revenue Code of 1986, as amended.

          "Commission" means the Securities and Exchange Commission of the
United States or any successor governmental agency in the United States.

          "Corporate Trust Office" means the office of the Trustee at which its
depositary receipt business is administered which, at the date of this
Agreement, is located at 101 Barclay Street, New York, New York 10286.

          "Deliver" means (a) when used with respect to Australian Dollars,
either (i) a wire transfer of immediately available Australian Dollars to the
account specified by the Person entitled to the Delivery or (ii) if requested by
the Person entitled to the Delivery, delivery of a certified or official bank
check for Australian Dollars payable as requested by the person entitled to the
Delivery and (b) when used with respect to Shares, either (i) one or more
book-entry transfers of those Shares to an account or accounts at DTC designated
by the Person entitled to such delivery for further credit as specified by that
Person or (ii) in the circumstances specified in Section 2.3(e), execution and
delivery at the Corporate Trust Office of the Trustee of one or more
Certificates evidencing those Shares.

          "Deposit Account Agreement" means the Deposit Account Agreement
entered into between the Trustee and the Depository, substantially in the form
annexed hereto as Exhibit A, as it may be amended or supplemented in accordance
with this Agreement.

                                        3

          "Depositor" means any Authorized Participant that deposits Australian
Dollars into the Trust, either for its own account or on behalf of another
Person that is the owner or beneficial owner of those Australian Dollars.

          "Depository" means JPMorgan Chase Bank, N.A., London Branch.

          "Dollars" or "$" means the official currency of the United States of
America.

          "DTC" means The Depository Trust Company, its nominees and their
respective successors.

          "DTC Participant" means a Person that, pursuant to DTC's governing
documents, is entitled to deposit securities with DTC in its capacity as a
"participant."

          "Exchange" means the exchange on which the Shares are principally
traded, as specified by the Sponsor, initially the New York Stock Exchange.

          "Fiscal Year" means the annual accounting periods of the Trust which
will end on October 31 of each year.

          "Indemnified Amounts" is defined in Section 7.1.

          "Indemnitee" is defined in Section 7.1.

          "Indemnitor" is defined in Section 7.1.

          "Indirect Participant" means a Person that, by clearing securities
through, or maintaining a custodial relationship with, a DTC Participant, has
access to the DTC clearing system.

          "Interest Account" means the interest-bearing account for the Trust's
assets maintained with the Depository pursuant to the Deposit Account Agreement.

                                        4

          "London Business Day" means any day other than (i) a Saturday or
Sunday or (ii) a day which has been designated a bank holiday in England.

          "NAV" means the net asset value of the Trust determined under Section
4.1.

          "NAV per Basket" means the value of a Basket determined under Section
2.4.

          "NAV per Share" means the value of a Share determined under Section
4.1.

          "New York Business Day" means any day other than (i) a Saturday or
Sunday or (ii) a day on which the Exchange is not open for regular trading at
noon, New York time.

          "Non-Interest Account" means the non-interest-bearing account
maintained with the Depository pursuant to the Deposit Account Agreement.

          "Noon Buying Rate" means the Dollar/Australian Dollar exchange rate,
as determined and published by the Federal Reserve Bank of New York each New
York Business Day at approximately 12:00 PM (New York time).

          "Order Cutoff Time" means (i) 4:00 PM (New York time) or (ii) another
time agreed to by the Sponsor and the Trustee and of which Registered Owners and
all existing Authorized Participants have been notified by the Trustee.

          "Order Date" means, with respect to a Purchase Order, the date
specified in Section 2.4(a) and, with respect to a Redemption Order, the date
specified in Section 2.7.

          "Person" means any natural person or any limited liability company,
corporation, partnership, joint venture, association, joint stock company,
trust,

                                        5

unincorporated organization or government or any agency or political subdivision
thereof.

          "Proceeding" is defined in Section 7.1.

          "Purchase Order" is defined in Section 2.4.

          "Qualified Bank" means a bank, trust company, corporation or national
banking association organized and doing business under the laws of the United
States or any State of the United States that is authorized under those laws to
exercise corporate trust powers and that (i) is a DTC Participant or a
participant in such other securities depository as is then acting with respect
to the Shares, (ii) unless counsel to the Sponsor determines that the following
requirement is not necessary for the exception under Section 408(m) of the Code
to apply, is a banking institution as defined in Section 408(n) of the Code and
(iii) had, as of the date of its most recent annual financial statements, an
aggregate capital, surplus and undivided profits of at least $500,000,000.

          "Redemption Order" is defined in Section 2.7.

          "Registered Owner" means the Person in whose name Shares are
registered on the books of the Trustee maintained for that purpose.

          "Registrar" means any bank or trust company that is appointed to
register Shares and transfers of Shares as herein provided.

          "Relevant Price" means the Noon Buying Rate, except as provided below.
If, on a particular evaluation day, the Federal Reserve Bank of New York does
not announce a Noon Buying Rate by 2:00 PM (New York time), then the most recent
Federal Reserve Bank of New York determination of the Noon Buying Rate will be
the "Relevant Price" and be used to determine the NAV of the Trust unless the
Trustee, in consultation with the Sponsor, determines that such price is
inappropriate to use as the basis for such valuation. In the event that the
Trustee and the Sponsor determine that the

                                        6

most recent Federal Reserve Bank of New York determination of the Noon Buying
Rate is not an appropriate basis for valuation of the Trust's Australian
Dollars, they shall determine an alternative basis for such evaluation to be
employed by the Trustee, which will be the "Relevant Price."

          "Settlement Date" means, with respect to a Purchase Order, the date
specified in Section 2.4(a) and, with respect to a Redemption Order, the date
specified in Section 2.7.

          "Shares" means Australian Dollar Shares created under this Agreement,
each representing a fractional undivided ownership interest in the net assets of
the Trust, which interest shall equal a fraction, the numerator of which is 1
and the denominator of which is the total number of Shares outstanding.

          "Sponsor" means Rydex Specialized Products LLC, a Delaware limited
liability company, d/b/a "Rydex Investments".

          "Sponsor's Fee" means the fee to be paid to the Sponsor, which for
each day shall be equal to (.004/365 or 366, depending on the number of days in
the year) multiplied by (the Australian Dollars in the Trust as of the close of
business on the preceding London Business Day, which shall include all unpaid
interest but exclude unpaid fees, each as accrued through the immediately
preceding day).

          "Sponsor Indemnified Persons" is defined in Section 7.1.

          "Surplus Property" means any Trust Property other than (i) Australian
Dollars deposited by or on behalf of Authorized Participants pursuant to Section
2.4, in the Interest Account or the Non-Interest Account, (ii) Australian
Dollars received as interest on Australian Dollars in the Interest Account,
(iii) amounts withdrawn from the Interest Account in order to make a redemption
described in Section 2.7, or (iv) amounts being held for the payment of
estimated Trust expenses.

                                        7

          "Surrender" means, when used with respect to Shares, (a) one or more
book-entry transfers of Shares to the DTC account of the Trustee or (b)
surrender to the Trustee at its Corporate Trust Office of one or more
Certificates evidencing Shares.

          "Trust" means the CurrencyShares Australian Dollar Trust, the trust
entity created by this Agreement.

          "Trust Property" means the Australian Dollars that are deposited under
this Agreement and any other money or other property that is received by the
Trustee in respect of Trust Property and that is being held under this
Agreement. Trust Property shall not include any property subject to distribution
for which the record date for determining Registered Owners entitled to such
distribution has passed.

          "Trustee" means The Bank of New York, a New York banking corporation,
in its capacity as trustee under this Agreement, or any successor as trustee
under this Agreement.

          "Trustee Indemnified Persons" is defined in Section 7.1.

          Section 1.2 Rules of Construction.

          Unless the context otherwise requires:

               (i) a term has the meaning assigned to it;

               (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as in
effect in the United States;

               (iii) "or" is not exclusive;

               (iv) the words "herein", "hereof", "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision;

                                        8

               (v) "including" means including without limitation; and

               (vi) words in the singular include the plural and words in the
plural include the singular.

                                    ARTICLE 2

                              STATEMENT OF PURPOSE;
                       CREATION AND DECLARATION OF TRUST;
         FORM OF CERTIFICATES; DEPOSIT OF AUSTRALIAN DOLLARS; DELIVERY,
                REGISTRATION OF TRANSFER AND SURRENDER OF SHARES

          Section 2.1 Statement of Purpose; Duties and Powers of the Trust.

          (a) The Trust is a passive investment vehicle that is not actively
managed. The sole purpose of the Trust is to hold Australian Dollars on behalf
of the Registered Owners. The Trust shall have no directors or persons acting in
similar capacity and no officers or employees, and shall act only through the
Trustee and the Sponsor.

          (b) The Trust shall have the power to receive and hold deposits of
Australian Dollars, issue Baskets representing those deposits, distribute
Australian Dollars upon surrenders of Baskets, and perform acts incidental to
the foregoing as provided in this Agreement, but the Trust shall not have the
power to engage in any other business activities.

          Section 2.2 Creation and Declaration of Trust; Business of the Trust.

          (a) The Trustee acknowledges that an initial deposit of 100 Australian
Dollars under and in accordance with this Agreement has been made in the
Interest Account by the Sponsor on the date hereof in exchange for one Share.
The Sponsor is purchasing the initial Share solely for the purpose of forming
the Trust. The Sponsor will redeem the initial Share for 100 Australian Dollars
as promptly as practicable after the

                                        9

Form S-1 registration statement filed with the Commission with respect to the
Shares is declared effective by the Commission and the Initial Purchaser, as
defined in the registration statement, deposits Australian Dollars in accordance
with the registration statement.

          (b) The Trustee declares that it will hold that initial deposit and
all other Trust Property as trustee for the benefit of the Registered Owners for
the purposes of, and subject to and limited by the terms and conditions set
forth in, this Agreement. The trust created by this Agreement shall be known as
the "CurrencyShares(SM) Australian Dollar Trust".

          Section 2.3 Form of Certificates; Book-Entry System; Transferability
of Shares.

          (a) The Certificates evidencing Shares shall be substantially in the
form set forth in Exhibit B annexed to this Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided. No Shares
shall be entitled to any benefits under this Agreement or be valid or obligatory
for any purpose unless a Certificate evidencing those Shares has been executed
by the Trustee by the manual or facsimile signature of a duly authorized
signatory of the Trustee and, if a Registrar (other than the Trustee) for the
Shares shall have been appointed, countersigned by the manual signature of a
duly authorized officer of the Registrar. The Trustee shall maintain books on
which the registered ownership of each Share and transfers, if any, of such
registered ownership shall be recorded. Certificates evidencing Shares bearing
the manual or facsimile signature of a duly authorized signatory of the Trustee
and the manual signature of a duly authorized officer of the Registrar, if
applicable, who was, at the time such Certificates were executed, a proper
signatory of the Trustee or Registrar, if applicable, shall bind the Trustee,
notwithstanding that such signatory has ceased to hold such office prior to the
delivery of such Certificates.

                                       10

          (b) The Certificates may be endorsed with or have incorporated in the
text thereof such legends or recitals or modifications not inconsistent with the
provisions of this Agreement as may be required by the Trustee or required to
comply with any applicable law or regulations thereunder or with the rules and
regulations of the Exchange or to conform with any usage with respect thereto,
or to indicate any special limitations or restrictions to which the Shares
evidenced by a particular Certificate are subject.

          (c) The Sponsor and the Trustee will apply to DTC for acceptance of
the Shares in its book-entry settlement system. Shares deposited with DTC shall
be evidenced by one or more global Certificates which shall be registered in the
name of Cede & Co., as nominee for DTC, and shall bear the following legend:

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
          OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
          THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER,
          EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
          NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
          AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
          CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
          REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
          VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
          REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          (d) So long as the Shares are eligible for book-entry settlement with
DTC and such settlement is available, unless otherwise required by law,
notwithstanding the provisions of Section 2.3(a) and Section 2.3(b), all Shares
shall be evidenced by one or more global Certificates the Registered Owner of
which is DTC or a nominee of DTC and (i) no Beneficial Owner of Shares will be
entitled to receive a separate Certificate evidencing those Shares, (ii) the
interest of a Beneficial Owner in Shares represented by a global Certificate
will be shown only on, and transfer of that interest will be effected only

                                       11

through, records maintained by DTC or a DTC Participant or Indirect Participant
through which the Beneficial Owner holds that interest and (iii) the rights of a
Beneficial Owner with respect to Shares represented by a global Certificate will
be exercised only to the extent allowed by, and in compliance with, the
arrangements in effect between such Beneficial Owner and DTC or the DTC
Participant or Indirect Participant through which that Beneficial Owner holds an
interest in Shares.

          (e) If, at any time when Shares are evidenced by a global Certificate,
DTC ceases to make its book-entry settlement system available for such Shares,
the Trustee shall execute and deliver separate Certificates evidencing Shares to
the DTC Participants entitled thereto, with such additions, deletions and
modifications to this Agreement and to the form of Certificate evidencing Shares
as the Sponsor and the Trustee may agree.

          (f) Title to a Certificate evidencing Shares (and to the Shares
evidenced thereby), when properly endorsed or accompanied by proper instruments
of transfer, shall be transferable by delivery with the same effect as in the
case of a negotiable instrument under the laws of New York; provided, however,
that the Trustee, notwithstanding any notice to the contrary, may treat the
Registered Owner of Shares as the absolute owner thereof for the purpose of
determining the person entitled to any distribution or to any notice provided
for in this Agreement and for all other purposes.

          Section 2.4 Deposit of Australian Dollars.

          (a) After the deposit of Australian Dollars in the Trust by the
Initial Purchaser, as defined in the registration statement, the issuance and
Delivery of Shares will take place only in integral numbers of Baskets and in
compliance with the provisions of this Agreement, as supplemented by any
procedures attached to an applicable Authorized Participant Agreement, to the
extent those procedures are consistent with this Agreement. Authorized
Participants wishing to acquire from the Trustee one or more Baskets must place
an order with the Trustee (a "Purchase Order"). Purchase Orders received by the
Trustee prior to the Order Cutoff Time on a New York Business Day will

                                       12

have that day as the Order Date. Purchase Orders received on a day that is not a
New York Business Day or received after the Order Cutoff Time on a New York
Business Day will have the next following New York Business Day as the Order
Date. The "Settlement Date" for a Purchase Order shall be the third New York
Business Day following the Order Date unless that day is not a London Business
Day, in which case the Settlement Date shall be the next following day that is
both a New York Business Day and a London Business Day. As consideration for
each Basket acquired, Authorized Participants must deposit with the Depository
the Basket Australian Dollar Amount determined by the Trustee on the Business
Day prior to the Settlement Date for the corresponding Purchase Order. The
Basket Australian Dollar Amount shall be deposited in the Non-Interest Account.
Pursuant to Section 6.5, the Trustee shall contemporaneously instruct the
Depository to transfer the portion of the Basket Australian Dollar Amount
representing principal from the Non-Interest Account to the Interest Account.
The portion of the Basket Australian Dollar Amount representing a pro rata
portion of accrued but unpaid interest will remain in the Non-Interest Account.

          (b) The Trustee shall determine the Basket Australian Dollar Amount
for each New York Business Day. The initial "Basket Australian Dollar Amount" is
5,000,000 Australian Dollars. After the initial deposit, the "Basket Australian
Dollar Amount" shall be an amount of Australian Dollars equal to the quotient
obtained by dividing the NAV per Basket on the date on which the determination
is being made by the Relevant Price on such date. For purposes of this
computation, "NAV per Basket" is the product obtained by multiplying (x) the NAV
per Share determined in compliance with Section 4.1, by (y) the number of Shares
which constitute a Basket on the date on which the determination is being made.
Fractions of a Australian Dollar smaller than .001 shall be disregarded. The
Sponsor intends to publish, or may designate other persons to publish, for each
New York Business Day, the Basket Australian Dollar Amount.

                                       13

          (c) If the Trust Property includes Surplus Property, no deposits of
Australian Dollars will be accepted until after a record date for distribution
of that money or property, or proceeds from that property, has passed.

          (d) All deposited Australian Dollars shall be owned by the Trust and
held for the Trust by the Depository in the Interest Account or the Non-Interest
Account. Any assets of the Trust other than Australian Dollars shall be held by
the Trustee or the Depository at such place and in such manner as the Trustee
shall determine.

          Section 2.5 Delivery of Shares.

          Upon receipt by the Trustee of any deposit in accordance with Section
2.4, together with a Purchase Order and the other documents required under this
Agreement, if any, and a confirmation from the Depository that the Basket
Australian Dollar Amount has been Delivered to the Depository for each Basket of
Shares and the Depository is holding those Australian Dollars for the account of
the Trust, the Trustee, subject to the terms and conditions of this Agreement,
shall Deliver to the Depositor the number of Baskets of Shares issuable in
respect of such deposit as requested in the corresponding Purchase Order, but
only upon payment to the Trustee of the fees and expenses of the Trustee as
provided in Section 6.7 and of all taxes and governmental charges and fees
payable in connection with such deposit, the transfer of the Australian Dollars
and the issuance and Delivery of the Shares.

          Section 2.6 Registration and Registration of Transfer of Shares;
Combination and Split-up of Certificates.

          (a) The Trustee shall keep or cause to be kept a register of
Registered Owners of Shares and shall provide for the registration of Shares and
the registration of transfers of Shares.

          (b) The Trustee, subject to the terms and conditions of this
Agreement, shall register transfers of ownership of Shares on its transfer books
from time to time,

                                       14

upon any Surrender of a Certificate evidencing such Shares, by the Registered
Owner in person or by a duly authorized attorney, properly endorsed or
accompanied by proper instruments of transfer, and duly stamped as may be
required by the laws of the State of New York and of the United States of
America. Thereupon the Trustee shall execute a new Certificate or Certificates
evidencing such Shares, and deliver the same to or upon the order of the Person
entitled thereto.

          (c) The Trustee, subject to the terms and conditions of this
Agreement, shall, upon Surrender of a Certificate or Certificates evidencing
Shares for the purposes of effecting a split-up or combination of that
certificate or certificates, execute and deliver one or more new Certificates
evidencing those Shares.

          (d) The Trustee may, with the written approval of the Sponsor (which
approval shall not be unreasonably withheld), appoint one or more co-transfer
agents for the purpose of effecting registration of transfers of Shares and
combinations and split-ups of Certificates at designated transfer offices on
behalf of the Trustee at the Trustee's expense. In carrying out its functions, a
co-transfer agent may require evidence of authority and compliance with
applicable laws and other requirements by Registered Owners or Persons entitled
to Shares and will be entitled to protection and indemnity to the same extent as
the Trustee.

          Section 2.7 Surrender of Shares and Withdrawal of Trust Property.

          Upon Surrender of any integral number of Baskets for the purpose of
withdrawal of the amount of Trust Property represented thereby, and upon payment
of the fee of the Trustee in connection with the Surrender of Shares as provided
in Section 6.7 and payment of all taxes and charges payable in connection with
such Surrender and withdrawal of Trust Property, and subject to the terms and
conditions of this Agreement, an Authorized Participant acting on authority of
the Registered Owner of those Shares will be entitled to Delivery, in accordance
with the provisions of this Agreement, as supplemented by any procedures
attached to an applicable Authorized Participant

                                       15

Agreement, to the extent those procedures are consistent with this Agreement, of
the amount of Trust Property at the time represented by such Baskets, including
the Basket Australian Dollar Amounts corresponding to such Baskets for the New
York Business Day prior to the Settlement Date (as defined below), but excluding
from those Basket Australian Dollar Amounts any portion that represents the
value of Trust Property that is not held as Australian Dollars. Authorized
Participants wishing to redeem one or more Baskets must place an order with the
Trustee (a "Redemption Order"). Redemption Orders received by the Trustee prior
to the Order Cutoff Time on a New York Business Day will have that day as the
Order Date. Redemption Orders received by the Trustee after the Order Cutoff
Time on a New York Business Day or on a day that is not a New York Business Day
will have the next New York Business Day as the Order Date. The "Settlement
Date" for a Redemption Order shall be the third New York Business Day following
the Order Date unless that day is not a London Business Day, in which case the
Settlement Date shall be the next following day that is both a New York Business
Day and a London Business Day. Any Trust Property other than Australian Dollars
will be delivered by the Trustee.

          The Trustee may require that a Certificate evidencing Shares
Surrendered for the purpose of withdrawal is properly endorsed in blank or
accompanied by proper instruments of transfer in blank. Upon a Surrender of an
integral number of Baskets of Shares and satisfaction of all the conditions for
withdrawal of Trust Property, the Trustee shall instruct the Depository to
Deliver, to or to the order of the Surrendering Authorized Participant, the
amount of Australian Dollars represented by the Surrendered Baskets of Shares
and the Depository or the Trustee shall pay or deliver to or to the order of the
Surrendering Authorized Participant the amount of any other Trust Property
represented by the Surrendered Baskets of Shares. Any Delivery of Australian
Dollars other than by wire transfer or at the office of the Depository will be
at the expense and risk of the Authorized Participant.

                                       16

          Section 2.8 Limitations on Delivery, Registration of Transfer and
Surrender of Shares.

          (a) As a condition precedent to the Delivery, registration of
transfer, split-up, combination or Surrender of any Shares or withdrawal of any
Trust Property, the Trustee or Registrar may require payment from the Depositor
or the Authorized Participant Surrendering the Shares of a sum sufficient to
reimburse it for any tax or other governmental charge and any stock transfer or
registration fee with respect thereto (including any such tax or charge and fee
with respect to any securities being withdrawn) and payment of any applicable
fees as herein provided, may require the production of proof satisfactory to it
as to the identity and genuineness of any signature and may also require
compliance with any regulations the Trustee may establish consistent with the
provisions of this Agreement, including this Section 2.8.

          (b) The Delivery of Shares against deposits of Australian Dollars or
the registration of transfer of Shares may be suspended generally, or refused
with respect to particular requested Deliveries or transfers, 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.

          (c) The Surrender of Shares for purposes of withdrawing Trust Property
may be suspended by the Trustee only if (i) the Trust holds Surplus Property
that has not been distributed in accordance with Section 4.5 or (ii) the Trustee
determines, in its sole discretion, that a suspension is necessary or desirable.
In either case, the Trustee and the Depository shall consult with each other and
use good faith efforts to resume accepting and honoring Redemption Orders as
soon as possible.

          Section 2.9 Lost Certificates, Etc.

          The Trustee shall execute and deliver a new Certificate of like tenor
in exchange and substitution for a mutilated Certificate upon cancellation
thereof, or in lieu of and in substitution for a destroyed, lost or stolen
Certificate if the Registered Owner

                                       17

thereof has (a) filed with the Trustee (i) a request for such execution and
delivery before the Trustee has notice that the Shares evidenced by the
Certificate have been acquired by a protected purchaser and (ii) a sufficient
indemnity bond and (b) satisfied any other reasonable requirements imposed by
the Trustee.

          Section 2.10 Cancellation and Destruction of Surrendered Certificates.

          All Certificates Surrendered to the Trustee shall be canceled by the
Trustee. The Trustee is authorized to destroy Certificates so canceled.

          Section 2.11 Splits and Reverse Splits of Shares.

          If requested in writing by the Sponsor, the Trustee shall effect a
split or reverse split of the Shares as of a record date set by the Trustee in
accordance with procedures determined by the Trustee.

          The Trustee is not required to distribute any fraction of a Share in
connection with a split or reverse split of the Shares. The Trustee may sell the
aggregated fractions of Shares that would otherwise be distributed in a split or
reverse split of the Shares or the amount of Trust Property that would be
represented by those Shares and distribute the net proceeds of those Shares or
that Trust Property to the Registered Owners entitled to them.

          The amount of Trust Property represented by each Share and the Basket
Australian Dollar Amount shall be adjusted as appropriate as of the open of
business on the New York Business Day following the record date for a split or
reverse split of the Shares.

                                       18

                                    ARTICLE 3

               CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES

          Section 3.1 Liability of Registered Owner for Taxes and Other
Governmental Charges.

          If any tax or other governmental charge shall become payable by the
Trustee with respect to any transfer or redemption of Shares, such tax or other
governmental charge shall be payable by the Registered Owner of such Shares to
the Trustee. The Trustee shall refuse to effect any registration of transfer of
such Shares or any withdrawal of Trust Property represented by such Shares until
such payment is made, and may withhold any distributions, or may sell for the
account of the Registered Owner thereof Trust Property or Shares, and may apply
such distributions or the proceeds of any such sale in payment of such tax or
other governmental charge, and the Registered Owner of such Shares shall remain
liable for any deficiency. The Trustee shall distribute any net proceeds of a
sale made under the preceding sentence that remain, after payment of the tax or
other governmental charge, to the Registered Owners entitled thereto as in the
case of a distribution in cash.

          Section 3.2 Warranties on Deposit of Australian Dollars.

          Every Person depositing Australian Dollars under this Agreement shall
be deemed thereby to represent and warrant that the Person making such deposit
is duly authorized to do so and that at the time of delivery, the Australian
Dollars are free and clear of any lien, pledge, encumbrance, right, charge or
claim (other than the rights created by this Agreement). All representations and
warranties deemed made under this Section 3.2 shall survive the deposit of
Australian Dollars, Delivery or Surrender of Shares or termination of this
Agreement.

                                       19

                                   ARTICLE 4

                           ADMINISTRATION OF THE TRUST

          Section 4.1 Evaluation of Australian Dollars; Calculation of Net Asset
Value.

          As promptly as practicable after the determination of the Relevant
Price on each New York Business Day, ordinarily no later than 2:00 PM (New York
time), the Trustee will calculate, and the Sponsor or a person designated by the
Sponsor will publish, the Trust's net asset value ("NAV"). To calculate the NAV,
the Trustee will:

          (a) take the sum of Australian Dollars in the Interest Account and
Non-Interest Account as of the close of business on the preceding London
Business Day, as reported by the Depository;

          (b) add interest accrued but unpaid on the Interest Account through
the preceding day;

          (c) subtract the accrued but unpaid Sponsor's Fee through the
preceding day;

          (d) add Australian Dollars receivable by the Trust under Purchase
Orders having Order Dates on or before the preceding New York Business Day;

          (e) subtract Australian Dollars payable by the Trust under Redemption
Orders having Order Dates on or before the preceding New York Business Day;

          (f) convert the result after step (e) into Dollars using the Relevant
Price;

          (g) add the Dollar value of any other assets included in the Trust
Property as of the close of business on the preceding New York Business Day; and

          (h) subtract the Dollar value of any other expenses and liabilities of
the Trust as of the close of business on the preceding New York Business Day.

                                       20

          The result is the NAV of the Trust for that New York Business Day. The
Trustee shall also divide the NAV of the Trust by the number of Shares
outstanding for the date of the evaluation then being made, which figure is the
"NAV per Share." For purposes of the preceding sentence, the number of Shares
deemed outstanding shall include Shares to be Delivered under Purchase Orders
having Order Dates on or before the preceding New York Business Day and shall
exclude Shares to be Surrendered under Redemption Orders having Order Dates on
or before the preceding New York Business Day.

          Section 4.2 Responsibility of the Trustee for Evaluations.

          The Sponsor, Depositors, Registered Owners and Beneficial Owners may
rely on any evaluation or determination of any amount made by the Trustee, and
the Sponsor shall have no responsibility for the accuracy thereof. The
determinations made by the Trustee under this Agreement shall be made in good
faith upon the basis of, and the Trustee shall not be liable for any errors
contained in, information reasonably available to it. The Trustee shall be under
no liability to the Sponsor, or to Depositors, Registered Owners or Beneficial
Owners, for errors in judgment; provided, however, that this provision shall not
protect the Trustee against any liability to which it would otherwise be subject
by reason of negligence or bad faith in the performance of its duties.

          Section 4.3 Interest Account and Non-Interest Account.

          The Trustee will deposit all Australian Dollars into the Interest
Account or the Non-Interest Account in accordance with Section 6.5. The Interest
Account will accrue interest in accordance with the terms of the Deposit Account
Agreement. The Non-Interest Account will not accrue interest.

          Section 4.4 Cash Distributions.

          On the first London Business Day of each month, the Depository will
deposit into the Non-Interest Account the accrued but unpaid interest for the
previous

                                       21

month. On the first day of each month that is both a London Business Day and a
New York Business Day, the Trustee will make withdrawals from the Non-Interest
Account to pay the accrued Sponsor's Fee for the previous month plus any other
Trust expenses. In the event that the interest deposited exceeds the sum of the
Sponsor's Fee for the previous month plus other Trust expenses, if any, then the
Trustee shall convert the excess into Dollars in accordance with Section 4.9,
and, as promptly as practicable declare a record date and distribute the net
proceeds to Registered Owners on a pro rata basis (in accordance with the number
of Shares that they own); provided, however, that in the event that the Trustee
shall be required to withhold and does withhold from such cash an amount on
account of taxes, the amount distributed to the Registered Owners shall be
reduced accordingly; and provided, further, that the Trustee shall round the
amount paid to each Registered Owner to the nearest whole cent.

          Section 4.5 Distributions of Surplus Property.

          At any time that the Trust Property includes Surplus Property, the
Trustee shall, as promptly as practicable, (a) distribute all Surplus Property
consisting of Dollars to the Registered Owners in proportion to the number of
Shares held by them, and (b) convert into Dollars or sell for Dollars all other
Surplus Property and distribute the Dollar proceeds, net of the fees and
expenses of the Trustee, to the Registered Owners in proportion to the number of
Shares held by them. If the Trust Property includes any Surplus Property that is
not Australian Dollars, the Trustee shall suspend deposits of Australian Dollars
for the purpose of issuance of Shares until after a record date for distribution
of that Surplus Property, or proceeds of that Surplus Property, has passed.

          Section 4.6 Fixing of Record Date.

          Whenever any distribution will be made, or whenever the Trustee
receives notice of any solicitation of proxies or consents from Registered
Owners, or whenever for any reason there is a split, reverse split or other
change in the outstanding Shares, or whenever the Trustee shall find it
necessary or convenient in respect of any matter, the

                                       22

Trustee, in consultation with the Sponsor, shall fix a record date for the
determination of the Registered Owners who shall be (i) entitled to receive such
distribution or the net proceeds of the sale thereof, (ii) entitled to give such
proxies or consents in respect of any such solicitation or (iii) entitled to act
in respect of any other matter for which the record date was set.

          Section 4.7 Payment of Trust Expenses.

     (a) The following expenses are or may be accrued and paid by the Trust:

          (1) the Sponsor's Fee and other fees and expenses of the Sponsor set
forth in Section 5.6;

          (2) expenses of the Trust not assumed by the Sponsor pursuant to
Section 5.1(b);

          (3) taxes and other governmental charges;

          (4) expenses and costs of any extraordinary services performed by the
Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or
the Sponsor to protect the Trust or the interests of Registered Owners; and

          (5) indemnification of the Sponsor as provided in Section 7.1(d).

     (b) On first day of each month that is both a London Business Day and a New
York Business Day, the Trustee shall withdraw from the Non-Interest Account
amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and
any otherwise unpaid expenses hereunder. In the event that the expenses exceed
the balance of the Non-Interest Account, such excess shall be withdrawn from the
Interest Account. The Trustee will withdraw and sell sufficient Australian
Dollars to purchase an amount of currency other than Australian Dollars
sufficient to pay any Trust expenses payable other than in Australian Dollars
and the costs of currency conversion.

                                       23

     (c) Notwithstanding the foregoing, if requested by the Sponsor and agreed
to by the Trustee, the Trustee will advance amounts out of its own funds for the
payment of Trust expenses, provided that the amount advanced at any time shall
not exceed $20,000. The amount of such advances, together with interest thereon
at a percentage rate equal to then-current overnight federal funds rate, shall
be expenses of the Trust. The Trustee shall have a lien on the balances on hand
in the Interest Account and Non-Interest Account to the extent of all amounts
advanced by it pursuant to this Section 4.7(c), which lien shall be superior to
the interest of the Registered Owners.

     (d) The Trustee is conclusively authorized to sell Australian Dollars in
the smallest amounts required to permit payment of Trust expenses, it being the
intention to minimize the Trust's holdings of assets other than Australian
Dollars. Neither the Trustee nor the Sponsor shall have any liability for loss
or depreciation resulting from sales of Australian Dollars so made. The Trustee
shall not be liable or responsible in any way for depreciation or loss incurred
by reason of any sale made in accordance with this Section 4.7(d).

          Section 4.8 Statements and Reports.

          After the end of each Fiscal Year and within the time period required
by applicable laws, rules and regulations, at the Sponsor's expense, the Trustee
shall send to the Registered Owners as of the end of such Fiscal Year, an annual
report of the Trust containing financial statements audited by independent
accountants designated by the Sponsor and such other information as may be
required by such laws, rules and regulations or otherwise, or which the Sponsor
determines shall be included. The Trustee may distribute the annual report by
any means acceptable to the Registered Owners and that complies with applicable
laws, rules and regulations.

                                       24

          Section 4.9 Further Provisions for Sales of Trust Property; Currency
Conversion.

          In addition to selling Australian Dollars in accordance with Section
4.7, the Trustee shall sell Australian Dollars whenever any one or more of the
following conditions exist:

          (i) the Sponsor has notified the Trustee that such sale is required by
          applicable law or regulation; or

          (ii) the Trust is to be terminated and its assets liquidated in
          accordance with Section 8.2.

          When the Trustee is required or permitted to sell Trust Property, it
may sell that Trust Property by public or private sale in any manner and on any
terms that are (i) commercially reasonable in the circumstances and (ii)
reasonably calculated to maximize the value of the Trust Property while taking
into account any duty of the Trustee under this Agreement to sell that Trust
Property as promptly as practicable.

          However, whenever the Trustee is required or permitted to sell Trust
Property that is currency, if at the time the currency can, in the judgment of
the Trustee, be converted on a reasonable basis into the required currency that,
if applicable, is transferable to the United States, the Trustee shall place
orders with dealers (which may include the Depository or the Trustee or any of
their affiliates) through which it may reasonably expect to obtain a
commercially reasonable rate of exchange (net of commission) and good execution
of orders.

          If such conversion can be effected only with the approval or license
of any government or agency thereof, the Trustee shall file such application for
approval or license, if any, as it may deem desirable.

                                       25

          If at any time the Trustee shall determine that in its judgment the
currency is not convertible on a reasonable basis into the required currency or
that, if applicable, is transferable to the United States, or if any approval or
license of any government or agency thereof which is required for such
conversion is denied or in the opinion of the Trustee is not obtainable, or if
any such approval or license is not obtained within a reasonable period as
determined by the Trustee, the Trustee may distribute the currency without
conversion (or an appropriate document evidencing the right to receive such
currency) to, or in its discretion may hold such currency for the respective
accounts of, the persons entitled to receive it. Any interest earned or
investment gains attributable to amounts withheld from distribution shall be
held by the Trustee for distribution to the Registered Owners entitled to the
amount to which the interest or gain is attributable.

          If any such conversion of currency, in whole or in part, cannot be
effected for distribution to some of the persons entitled to it, the Trustee
may, in its discretion, make such conversion and distribution to the extent
permissible to the persons entitled to it and may distribute the balance of the
currency without conversion to, or in its discretion may hold such currency for
the respective accounts of, the persons entitled to receive it. Any interest
earned or investment gains attributable to amounts withheld from distribution
shall be held by the Trustee for distribution to the Registered Owners entitled
to the amount to which the interest or gain is attributable.

          The Trustee and the Sponsor shall not be liable or responsible in any
way for depreciation or loss incurred by reason of any sale made pursuant to
this Section 4.9.

          Section 4.10 Counsel.

          The Sponsor may from time to time employ counsel to act on behalf of
the Trust and perform any legal services in connection with the Australian
Dollars and the Trust, including any legal matters relating to the possible
disposition or acquisition of any Australian Dollars. The reasonable fees and
expenses of such counsel shall be paid by the

                                       26

Sponsor up to an aggregate maximum of $100,000 per year, with any excess amount
to be paid by the Trust.

          Section 4.11 Grantor Trust.

          Nothing in this Agreement, any agreement with a Depository, or
otherwise, shall be construed to give the Trustee or Sponsor the power to vary
the investment of the Beneficial Owners within the meaning of Section
301.7701-4(c) of the regulations under the Code or any similar or successor
provision of the regulations under the Code, nor shall the Sponsor give the
Trustee any direction that would vary the investment of the Beneficial Owners.
However, the Trustee shall not be liable to any Person for any failure of the
Trust to qualify as a grantor trust under the Code or any comparable provision
of the laws of any State or other jurisdiction where that treatment is sought,
except that this sentence shall not limit the Trustee's responsibility for the
administration of the Trust in accordance with this Agreement. Neither the
Trustee nor the Sponsor will agree to any amendment of the Deposit Account
Agreement unless the Sponsor obtains and delivers to the Trustee a prior written
opinion of counsel to the effect that such amendment will have no adverse effect
on the classification of the Trust as a "grantor trust" under the Code.

                                    ARTICLE 5

                                   THE SPONSOR

          Section 5.1 Duties of the Sponsor.

          (a) The Sponsor shall select the Depository and shall be solely
responsible for that selection. The Sponsor is responsible for establishing the
Trust and for the registration of the Shares. The Sponsor will generally oversee
the performance of the Trustee and the Trust's principal service providers, but
will not exercise day-to-day oversight over the Trustee or such service
providers. The Sponsor will regularly communicate with the Trustee to monitor
the overall performance of the Trust. The

                                       27

Sponsor will also designate the independent certified public accountants of the
Trust and may from time to time employ legal counsel for the Trust.

          (b) The Sponsor shall be responsible for all organizational expenses
of the Trust, and for the following administrative and marketing expenses of the
Trust: the Trustee's monthly fee, routine transaction and maintenance fees
charged by the Depository, listing fees of the Exchange, registration fees
charged by the Commission, printing and mailing costs, audit fees, legal
expenses not in excess of $100,000 per year and any applicable license fees.

          (c) The Sponsor will monitor the interest rate paid by the Depository
and has the right and duty to instruct the Trustee to terminate the Deposit
Account Agreement if the Sponsor considers the interest rate to be
noncompetitive.

          Section 5.2 Obligations of the Sponsor.

          (a) The Sponsor does not assume any obligation nor shall it be subject
to any liability under this Agreement to any Registered Owner or Beneficial
Owner or Depositor (including liability with respect to the worth of the Trust
Property), except that the Sponsor agrees to perform its obligations
specifically set forth in this Agreement without negligence or bad faith.

          (b) The Sponsor shall not be under any obligation to prosecute any
action, suit or other proceeding in respect of any Trust Property or in respect
of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or
other Person.

          (c) The Sponsor shall not be liable for any action or non-action by it
in reliance upon the advice of or information from legal counsel, accountants,
any Depositor, any Registered Owner or any other person believed by it in good
faith to be competent to give such advice or information.

          (d) The Sponsor shall not be liable for any acts or omissions made by
a successor sponsor whether in connection with a previous act or omission of the
Sponsor

                                       28

or in connection with any matter arising wholly after the resignation of the
Sponsor, provided that in connection with the issue out of which such potential
liability arises the Sponsor performed its obligations without negligence or bad
faith while it acted as sponsor.

          (e) The Sponsor shall have no obligation to comply with any direction
or instruction from any Registered Owner or Beneficial Owner or Depositor
regarding Shares except to the extent specifically provided in this Agreement.

          Section 5.3 Prevention or Delay in Performance by the Sponsor.

          The Sponsor and its directors, employees, agents and affiliates shall
not incur any liability to any Registered Owner, Beneficial Owner or Depositor
if, by reason of any provision of any present or future law or regulation of the
United States or any other country, or of any governmental or regulatory
authority or stock exchange, or by reason of any act of God or war or terrorism
or other circumstances beyond its control, the Sponsor is prevented or forbidden
from, or would be subject to any civil or criminal penalty on account of, or is
delayed in, doing or performing any act or thing which by the terms of this
Agreement it is provided shall be done or performed and accordingly the Sponsor
does not do that act or thing or does that act or thing at a later time than
would otherwise be required. The Sponsor will not incur any liability to any
Registered Owner or Beneficial Owner or Depositor by reason of any
non-performance or delay in the performance of any act or thing which by the
terms of this Agreement it is provided may be done or performed, or by reason of
any exercise of, or failure to exercise, any discretion provided for in this
Agreement.

          Section 5.4 Certain Matters Regarding Successor Sponsor.

          The covenants, provisions and agreements herein contained shall in
every case be binding upon any successor to the business of the Sponsor. The
Sponsor may transfer all or substantially all of its assets to an entity which
carries on the business of the Sponsor, if at the time of such transfer such
successor duly assumes all the obligations

                                       29

of the Sponsor under this Agreement, and in such event, the Sponsor shall be
relieved of all further liability under this Agreement.

          Section 5.5 Resignation of Sponsor; Successors.

          If at any time the Sponsor desires to resign its position as Sponsor
hereunder, it may resign by delivering to the Trustee an instrument of
resignation executed by the Sponsor. Such resignation shall become effective
upon the earliest of the following: (i) the effective date of the appointment by
the Trustee of a successor sponsor and the acceptance by the successor sponsor
of that appointment, with such compensation from the Trust as the Trustee may
deem reasonable under the circumstances, by an instrument of appointment and
assumption executed by the Trustee and the successor sponsor; or (ii) an
agreement by the Trustee to act as sponsor hereunder succeeding to all the
rights and duties of the resigning Sponsor without appointing a successor
sponsor and without terminating this Agreement; or (iii) termination of this
Agreement in accordance with its terms and completion of distribution of all
remaining assets to Registered Owners. The Trustee shall have no obligation to
appoint a successor sponsor or to assume the duties of the Sponsor and shall
have no liability to any person because the Trust is terminated by reason of the
Sponsor's resignation.

          If the Sponsor shall fail to undertake or perform or become incapable
of undertaking or performing its duties hereunder or shall become bankrupt or
its affairs shall be taken over by public authorities, the effect of that event
shall be the same as if the Sponsor had given a notice of resignation as
provided in the preceding paragraph.

          Upon its resignation becoming effective, the resigning Sponsor shall
be discharged and shall no longer be liable in any manner hereunder except as to
acts or omissions occurring before its resignation became effective, and the
successor sponsor shall thereupon undertake and perform all duties and be
entitled to all rights and compensation as sponsor under this Agreement. The
successor sponsor shall not be under any liability hereunder for acts or
omissions occurring prior to the effective date

                                       30

stated in the instrument appointing it successor sponsor. The Trustee shall
notify Registered Owners of the appointment of a successor sponsor.

          Section 5.6 Compensation of the Sponsor.

          (a) The Sponsor is entitled to receive from the Trust, as an expense
of the Trust, the Sponsor's Fee. The Sponsor's Fee shall be accrued daily but
paid monthly in arrears.

          (b) In addition to the Sponsor's Fee, the Sponsor is entitled to
receive reimbursement from the Trust for all expenses and disbursements incurred
by it. Such reimbursement shall be made promptly after such expenses are
incurred by the Sponsor. Notwithstanding the foregoing, the Sponsor is not
entitled to charge the Trust for (i) expenses and disbursements incurred by it
prior to the commencement of trading of Shares on the Exchange and (ii) expenses
for performing, or fees of agents for performing, services the Sponsor is
required to perform under this Agreement.

          (c) Within 30 days following the end of each Fiscal Year, the Sponsor
shall certify to the Trustee the amount of its actual expenses and disbursements
incurred by it during the preceding Fiscal Year by it in connection with action
taken by it pursuant to Section 5.8 and shall reimburse the Trust any amounts
received by it from the Trust that exceed the amount so certified.

          (d) The Trustee shall have no liability or responsibility for amounts
paid to the Sponsor pursuant to this Section 5.6.

          Section 5.7 Federal Securities Law Filings.

          The Sponsor shall (i) prepare and file a registration statement with
the Commission and take such action as is necessary from time to time to qualify
the Shares for offering and sale under the federal securities laws of the United
States, including the preparation and filing of amendments and supplements to
such registration statement, (ii) promptly notify the Trustee of any amendment
or supplement to the registration

                                       31

statement or prospectus, of any order preventing or suspending the use of any
prospectus, of any request for the amending or supplementing of the registration
statement or prospectus or if any event or circumstance occurs that is known to
the Sponsor as a result of which the registration statement or prospectus, as
then amended or supplemented, would include an untrue statement of a material
fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, (iii) provide the Trustee from time to time with copies, including
copies in electronic form, of the prospectus, as amended and supplemented, in
such quantities as the Trustee may reasonably request and (iv) prepare and file
any periodic reports or updates that may be required under the Securities
Exchange Act of 1934, as amended. The Trustee shall furnish to the Sponsor any
information from the records of the Trust that the Sponsor reasonably requests
in writing that is needed to prepare any filing or submission that the Sponsor
or the Trust is required to make under the federal securities laws of the United
States.

          Section 5.8 Discretionary Actions by Sponsor; Consultation.

          (a) The Sponsor may, in its discretion, undertake any action which it
may deem necessary or desirable to protect the rights of the Registered Owners.
The expenses incurred by the Sponsor in connection with taking any action under
the preceding sentence (including the fees and disbursements of legal counsel)
shall be expenses of the Trust, and the Sponsor shall be entitled to be promptly
reimbursed for those expenses by the Trust.

          (b) The Sponsor shall promptly notify the Trustee (i) regarding any
action it takes pursuant to Section 5.8(a) or (ii) if the Sponsor becomes aware
of any development or event that affects the administration of the Trust but is
not contemplated or provided for in this Agreement.

                                       32

                                    ARTICLE 6

                                   THE TRUSTEE

          Section 6.1 Maintenance of Office and Transfer Books by the Trustee.

          (a) Until termination of this Agreement in accordance with its terms,
the Trustee shall maintain facilities for the Delivery, registration,
registration of transfers and Surrender of Shares in accordance with the
provisions of this Agreement.

          (b) The Trustee shall keep books for the registration of Shares and
registration of transfers of Shares which at all reasonable times shall be open
for inspection by the Registered Owners.

          (c) Subject to the limitations set forth in Section 2.8(b), the
Trustee may, and at the reasonable written request of the Sponsor shall, close
the transfer books at any time or from time to time if such action is deemed
necessary or advisable in the reasonable judgment of the Trustee or the Sponsor.

          (d) Pursuant to Section 2.8(c), the Trustee may, at its sole
discretion, suspend withdrawals of Trust Property if the Trustee, at its sole
discretion, determines that such a suspension is necessary or desirable.

          (e) If any Shares are listed on one or more stock exchanges in the
United States, the Trustee shall act as Registrar or, with the written approval
of the Sponsor (which approval shall not be unreasonably withheld), appoint a
registrar or one or more co-registrars for registry of such Shares in accordance
with any requirements of such exchange or exchanges.

          Section 6.2 Obligations of the Trustee.

          (a) The Trustee assumes no obligation nor shall it be subject to any
liability under this Agreement to any Registered Owner or Beneficial Owner or
Depositor (including liability with respect to the worth of the Trust Property),
except that the

                                       33

Trustee agrees to perform its obligations specifically set forth in this
Agreement without negligence or bad faith.

          (b) The Trustee shall not be under any obligation to prosecute any
action, suit or other proceeding in respect of any Trust Property or in respect
of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or
other Person.

          (c) The Trustee shall not be liable for any action or non-action by it
in reliance upon the advice of or information from legal counsel, accountants,
any Depositor, any Registered Owner or any other person believed by it in good
faith to be competent to give such advice or information.

          (d) The Trustee shall not be liable for any acts or omissions made by
a successor trustee whether in connection with a previous act or omission of the
Trustee or in connection with any matter arising wholly after the resignation of
the Trustee, provided that in connection with the issue out of which such
potential liability arises the Trustee performed its obligations without
negligence or bad faith while it acted as Trustee.

          (e) The Trustee shall have no obligation to comply with any direction
or instruction from any Registered Owner or Beneficial Owner or Depositor
regarding Shares except to the extent specifically provided in this Agreement.

          Section 6.3 Prevention or Delay in Performance by the Trustee.

          The Trustee and its directors, employees, agents and affiliates shall
not incur any liability to any Registered Owner, Beneficial Owner or Depositor
if, by reason of any provision of any present or future law or regulation of the
United States or any other country, or of any governmental or regulatory
authority or stock exchange, or by reason of any act of God or war or terrorism
or other circumstances beyond its control, the Trustee is prevented or forbidden
from, or would be subject to any civil or criminal penalty on account of, or is
delayed in, doing or performing any act or thing which by the

                                       34

terms of this Agreement it is provided shall be done or performed and
accordingly the Trustee does not do that act or thing or does that act or thing
at a later time than would otherwise be required. The Trustee will not incur any
liability to any Registered Owner or Beneficial Owner or Depositor by reason of
any non-performance or delay in the performance of any act or thing which by the
terms of this Agreement it is provided may be done or performed, or by reason of
any exercise of, or failure to exercise, any discretion provided for in this
Agreement.

          Section 6.4 Resignation or Removal of the Trustee; Appointment of
Successor Trustee.

          (a) Resignation. The Trustee may at any time resign as Trustee
hereunder by notice of its election so to do, delivered to the Sponsor, and such
resignation shall take effect upon the appointment of a successor trustee and
its acceptance of such appointment.

          (b) Removal by the Sponsor. In case at any time the Trustee shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or a trustee or liquidator or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purposes
of rehabilitation, conservation or liquidation, then in any such case the
Sponsor shall, subject to the requirements of Section 6.4(e), remove the Trustee
by notice to the Trustee, and such removal shall take effect upon the
appointment of a successor trustee and its acceptance of such appointment.

          (c) Removal by Registered Owners. Registered Owners of at least
two-thirds (66-2/3 %) of the Shares then outstanding may at any time remove the
Trustee by a notice delivered to the Trustee and Sponsor, and such removal shall
take effect upon the appointment of a successor trustee and its acceptance of
such appointment.

          (d) Removal for Material Breach. If at any time the Trustee ceases to
be a Qualified Bank or is in material breach of its obligations under this
Agreement and the

                                       35

Trustee fails to cure such breach within 30 days after receipt by the Trustee of
notice from the Sponsor or Registered Owners acting on behalf of at least 25% of
the outstanding Shares specifying such default and requiring the Trustee to cure
such default, the Sponsor may remove the Trustee by notice delivered to the
Trustee, and such removal shall take effect upon the appointment of a successor
trustee and its acceptance of such appointment as hereinafter provided.

          (e) Appointing Successor Trustees. If the Trustee acting hereunder
resigns or is removed, the Sponsor, acting on behalf of the Registered Owners,
shall use its reasonable efforts to appoint a successor trustee, which shall be
a Qualified Bank. Every successor trustee shall execute and deliver to its
predecessor and to the Sponsor, acting on behalf of the Registered Owners, an
instrument in writing accepting its appointment hereunder, and thereupon such
successor trustee, without any further act or deed, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor; but such
predecessor, nevertheless, upon payment of all sums due it and on the written
request of the Sponsor, acting on behalf of the Registered Owners, shall execute
and deliver an instrument transferring to such successor all rights and powers
of such predecessor hereunder, shall duly assign, transfer and deliver all
right, title and interest in the Trust Property to such successor, and shall
deliver to such successor a list of the Registered Owners of all outstanding
Shares. The Sponsor or any such successor trustee shall promptly notify the
Registered Owners of the appointment of such successor trustee.

          (f) Liability of Trustee. Upon effective resignation hereunder, the
resigning or removed Trustee shall be discharged and shall no longer be liable
in any manner hereunder except as to acts or omissions occurring prior to such
resignation or removal, and the new trustee shall thereupon undertake and
perform all duties and be entitled to all rights and compensation as trustee
under this Agreement. The successor trustee shall not be under any liability
hereunder for acts or omissions occurring prior to execution of an instrument
accepting its appointment as trustee.

                                       36

          (g) Effect of Merger of the Trustee. Any corporation into which the
Trustee may be merged, consolidated or converted in a transaction in which the
Trustee is not the surviving corporation shall be the successor of the Trustee
without the execution or filing of any document or any further act.

          Section 6.5 Transfers Between Interest Account and Non-Interest
Account.

          (a) Proceeds from creation of Baskets shall be deposited into the
Non-Interest Account. The Trustee shall contemporaneously instruct the
Depository to transfer the portion of the Basket Australian Dollar Amount
representing principal from the Non-Interest Account to the Interest Account.
The portion of the Basket Australian Dollar Amount representing a pro rata
portion of accrued but unpaid interest will remain in the Non-Interest Account.

          (b) Amounts payable upon Surrender of Shares in whole Baskets shall be
paid from the Non-Interest Account. The Trustee shall contemporaneously instruct
the Depository to transfer the portion of the Basket Australian Dollar Amount
representing principal from the Interest Account to the Non-Interest Account.

          Section 6.6 The Depository.

          The parties acknowledge that the Depository was selected solely by the
Sponsor. The Trustee will have no duty or liability to any Person on account of
that selection or the terms of the Deposit Account Agreement. The Depository
will be subject at all times and in all respects to the directions of the
Trustee and will be responsible solely to it. The rights and duties of the
Depository with reference to the Trust will be determined by the Deposit Account
Agreement and applicable law. The Trustee shall not amend or terminate the
Deposit Account Agreement without the written consent of the Sponsor. The
Trustee shall terminate the Deposit Account Agreement if the Sponsor directs it
in writing to do so.

                                       37

          Section 6.7 Compensation of the Depository.

          (a) Each Depositor, and each person surrendering Shares for the
purpose of withdrawing Trust Property, shall pay to the Trustee a fee of $500.00
per Purchase Order pursuant to Section 2.5 or Redemption Order pursuant to
Section 2.7 or surrender of Shares after termination of this Agreement pursuant
to Section 8.2(e).

          (b) The Trustee is entitled to receive from the Sponsor fees for its
services and reimbursement for its out-of-pocket expenses in accordance with
written agreements between the Sponsor and the Trustee.

          (c) The Trustee is entitled to charge the Trust for all expenses and
disbursements incurred by it in connection with action taken by it under Section
6.10(a) (including the reasonable fees and disbursements of its legal counsel),
except that the Trustee is not entitled to charge the Trust for (i) expenses and
disbursements incurred by it prior to the commencement of trading of Shares on
the Exchange and (ii) fees of agents for performing services the Trustee is
required to perform under this Agreement.

          Section 6.8 Retention of Trust Documents.

          The Trustee is authorized to destroy those documents, records, bills
and other data compiled during the term of this Agreement at the times permitted
by the laws or regulations governing the Trustee, unless the Sponsor reasonably
requests the Trustee in writing to retain those items for a longer period.

          Section 6.9 Prospectus Delivery.

          The Trustee shall, if required by the federal securities laws of the
United States, in any manner permitted by such laws, deliver, at the time of
issuance of Shares, a copy of the relevant prospectus, as most recently
furnished to the Trustee by the Sponsor, to each Depositor.

                                       38

          Section 6.10 Discretionary Actions by Trustee; Consultation.

          (a) The Trustee may, in its discretion, undertake any action which it
may deem necessary or desirable to protect the rights of the Registered Owners.
The expenses incurred by the Trustee in connection with taking any action under
the preceding sentence (including the fees and disbursements of legal counsel)
shall be expenses of the Trust, and the Trustee shall be entitled to be promptly
reimbursed for those expenses by the Trust.

          (b) The Trustee shall notify and consult with the Sponsor before
undertaking any action under subsection (a) above or if the Trustee becomes
aware of any development or event that affects the administration of the Trust
but is not contemplated or provided for in this Agreement.

                                    ARTICLE 7

                                 INDEMNIFICATION

          Section 7.1 Indemnification of the Sponsor and Trustee.

          (a) The Sponsor shall indemnify the Trustee, its directors, employees
and agents (the "Trustee Indemnified Persons") against, and hold each of them
harmless from, any loss, liability, cost, expense or judgment (including, but
not limited to, the reasonable fees and expenses of counsel) (collectively
"Indemnified Amounts") that is incurred by any of them and that arises out of or
is related to (i) any offer or sale by the Trust of Baskets of Shares under this
Agreement, (ii) acts performed or omitted pursuant to the provisions of this
Agreement, as the same may be amended, modified or supplemented from time to
time, by (A) a Trustee Indemnified Person or (B) the Sponsor or (iii) any
filings with or submissions to the Commission in connection with or with respect
to the Shares (which, by way of illustration and not by way of limitation,
include any registration statement and any amendments or supplements thereto
filed with the Commission or any periodic reports or updates that may be filed
under the Securities Exchange Act of 1934, as amended, or any failure to make
any filings with or

                                       39

submissions to the Commission which are required to be made in connection with
or with respect to the Shares), except that the Sponsor shall not have any
obligations under this Section 7.1(a) to pay Indemnified Amounts incurred as a
result of and attributable to (x) the negligence or bad faith of, or material
breach of the terms of this Agreement by, the Trustee, (y) written information
furnished in writing by the Trustee to the Sponsor expressly for use in the
registration statement, or any amendment thereto, filed with the Commission
relating to the Shares that is not materially altered by the Sponsor or (z) any
misrepresentations or omissions made by a Depositor (other than Sponsor) in
connection with such Depositor's offer and sale of Shares.

          (b) The Trustee shall indemnify the Sponsor, its members, officers,
employees and agents against, and hold each of them harmless from, any
Indemnified Amounts (i) caused by the negligence or bad faith of the Trustee or
(ii) arising out of any information furnished in writing to the Sponsor by the
Trustee expressly for use in an registration statement, or any amendment
thereto, a prospectus pursuant to the Securities Act of 1933 Section 10(a) or
Section 10(b), or a prospectus supplement thereto with the Commission relating
to the Shares that is not materially altered by the Sponsor.

          (c) If the indemnification provided for in Section 7.1(a) or Section
7.1(b) is unavailable or insufficient to hold harmless the indemnified party
under subsection (a) or (b) above, then the indemnifying party shall contribute
to the Indemnified Amounts referred to in subsection (a) or (b) above (i) in
such proportion as is appropriate to reflect the relative benefits received by
the Sponsor on the one hand and the Trustee on the other hand from the fees each
receives that are attributable to the Shares which are the subject of the action
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 on the one hand and the Trustee on the other hand in connection with
the action, statement or omission which resulted in such Indemnified Amount as
well as any other relevant equitable considerations. The relative fault shall be
determined by reference to, among other

                                       40

things, whether any untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact from which the action
arises relates to information supplied by the Sponsor or the Trustee and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission or the act or omission from
which the action arises. The amount of Indemnified Amounts referred to in the
first sentence of this subsection (c) shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this
subsection (c).

          (d) The Sponsor and its shareholders, directors, officers, employees,
affiliates (as such term is defined under the Securities Act of 1933, as
amended) and subsidiaries (each, a "Sponsor Indemnified Party") shall be
indemnified from the Trust and held harmless against any loss, liability or
expense incurred without (i) negligence, bad faith, willful misconduct or
willful malfeasance on the part of the Sponsor arising out of or in connection
with the performance of its obligations under this Agreement or any actions
taken in accordance with the provisions of this Agreement or (ii) reckless
disregard by the Sponsor of its obligations and duties under this Agreement.
Such indemnity shall include payment from the Trust of the costs and expenses
incurred by such Sponsor Indemnified Party in defending itself against any claim
or liability in its capacity as Sponsor. Any amounts payable to a Sponsor
Indemnified Party under this Section 7.1(d) may be payable in advance or shall
be secured by a lien on the Trust.

          (e) If an action, proceeding (including, but not limited to, any
governmental investigation), claim or dispute (each, a "Proceeding") in respect
of which indemnity may be sought by either party is brought or asserted against
the other party, the party seeking indemnification (the "Indemnitee") shall
promptly (and in no event more than seven (7) days after receipt of notice of
such Proceeding) notify the party obligated to provide such indemnification (the
"Indemnitor") of such Proceeding. The failure of the Indemnitee to so notify the
Indemnitor shall not impair the Indemnitee's ability to

                                       41

seek indemnification from the Indemnitor (but only for costs, expenses and
liabilities incurred after such notice) unless such failure adversely affects
the Indemnitor's ability to adequately oppose or defend such Proceeding. Upon
receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to
participate in such Proceeding and, to the extent that it shall so desire and
provided no conflict of interest exists as specified in clause (i) below and
there are no other defenses available to Indemnitee as specified in clause (iii)
below, to assume the defense thereof with counsel reasonably satisfactory to the
Indemnitee (in which case all attorney's fees and expenses shall be borne by the
Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The
Indemnitee shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but, in such case, no fees
and expenses of such counsel shall be borne by the Indemnitor unless such fees
and expenses are otherwise required to be indemnified under Section 7.1(a),
Section 7.1(b) or Section 7.1(d), as applicable, and (i) there is such a
conflict of interest between the Indemnitor and the Indemnitee as would
preclude, in compliance with the ethical rules in effect in the jurisdiction in
which the Proceeding was brought, one lawyer from representing both parties
simultaneously, (ii) the Indemnitor fails, within the earlier of (x) twenty (20)
days following receipt of notice of the Proceeding from the Indemnitee or (y)
seven (7) days prior to the date the first response or appearance is required to
be made in such Proceeding, to assume the defense of such Proceeding with
counsel reasonably satisfactory to the Indemnitee or (iii) there are legal
defenses available to Indemnitee that are different from or are in addition to
those available to the Indemnitor. No compromise or settlement of such
Proceeding may be effected by either party without the other party's consent
unless (m) there is no finding or admission of any violation of law and no
effect on any other claims that may be made against such other party and (n) the
sole relief provided is monetary damages that are paid in full by the party
seeking the settlement. Neither party shall have any liability with respect to
any compromise or settlement effected without its consent, which shall not be
unreasonably withheld. The Indemnitor shall have no obligation to indemnify and
hold harmless the Indemnitee from any loss, expense or liability incurred by the
Indemnitee as

                                       42

a result of a default judgment entered against the Indemnitee unless such
judgment was entered after the Indemnitor agreed, in writing, to assume the
defense of such Proceeding.

                                       43

                                   ARTICLE 8

                            AMENDMENT AND TERMINATION

          Section 8.1 Amendment.

          The Trustee and the Sponsor may amend any provisions of this Agreement
without the consent of any Registered Owner; provided, however, that the
provisions of Section 2.6, Section 2.7, Section 2.10, Section 4.2 through
Section 4.7, this Section 8.1 and Section 8.2 may not be amended unless (i) the
provision relates solely to procedural or logistical matters (as distinguished
from core economic rights), or (ii) prior to the amendment, (a) the Sponsor
obtains and delivers to the Trustee a written opinion of counsel to the effect
that after such amendment the Trust will continue to be classified as a "grantor
trust" under the Code, and (b) in the event that such opinion of counsel assumes
that certain actions are taken by the Sponsor or the Trustee in connection with
such amendment, such actions shall be taken by the Sponsor or the Trustee, as
the case may be. Any amendment that imposes or increases any fees or charges
(other than taxes and other governmental charges, registration fees or other
such expenses), or that otherwise prejudices any substantial existing right of
the Registered Owners, will not become effective as to outstanding Shares until
30 days after notice of such amendment is given to the Registered Owners. Every
Registered Owner and Beneficial Owner, at the time any amendment so becomes
effective, shall be deemed, by continuing to hold any Shares or an interest
therein, to consent and agree to such amendment and to be bound by this
Agreement as amended thereby. In no event shall any amendment impair the right
of the Registered Owner of Shares to Surrender Baskets of Shares and receive
therefor the amount of Trust Property represented thereby, except in order to
comply with mandatory provisions of applicable law.

          Section 8.2 Termination.

          (a) The Trustee shall set a date on which this Agreement will
terminate and mail notice of that termination to the Registered Owners at least
30 days prior to the

                                       44

date set for termination, which date shall be no later than 90 days from the
mailing of termination notice, if any of the following occurs:

               (i) the Sponsor has given notice of resignation or is unable to
perform its duties or becomes bankrupt or insolvent and the Trustee will not
appoint a successor sponsor or agree to act as Sponsor;

               (ii) Registered Owners holding at least 75% of the outstanding
Shares notify the Trustee that they elect to terminate the Trust;

               (iii) the Depository resigns or is removed; or

               (iv) the Trust receives notice from the Internal Revenue Service
or counsel for the Trust or the Sponsor that the Trust fails to qualify for
treatment, or will not be treated, as a grantor trust under the Code.

          (b) The Trustee shall set a date on which this Agreement will
terminate and mail notice of that termination to the Registered Owners at least
30 days prior to the date set for termination, which date shall be no later than
90 days from the mailing of termination notice, if any of the following occurs
and the Sponsor has notified the Trustee that it elects to terminate this
Agreement:

               (i) The Trustee is notified that the Shares are delisted from a
national securities exchange and are not approved for listing on another
national securities exchange within five New York Business Days of their
delisting;

               (ii) the Commission determines that the Trust is an investment
company under the Investment Company Act of 1940, as amended;

               (iii) the NAV of the Trust remains less than $100 million for 30
consecutive New York Business Days at any time after the first 90 days of the
Shares being traded on the Exchange;

                                       45

               (iv) all of the Trust's assets are sold;

               (v) the aggregate market capitalization of the Trust, based on
the closing price for the Shares remains less than $300 million at any time for
five consecutive trading days beginning after the first anniversary of this
Agreement; or

               (vi) DTC ceases providing book-entry settlement services for the
Shares.

          (c) If 60 days have elapsed since the Trustee gave the Sponsor notice
of its election to resign and no successor trustee appointed by the Sponsor has
accepted appointment as Trustee, the Trustee may set a date on which this
Agreement will terminate and mail notice of that termination to the Registered
Owners at least 30 days prior to the date set for termination.

          (d) If not terminated sooner, this Agreement shall terminate forty
years from the date of this Agreement, and the Trustee shall mail a notice of
that termination to the Registered Owners and the Sponsor at least 30 days
before the termination date.

          (e) On and after the date of termination of this Agreement, the
Registered Owner of Shares will, upon (i) Surrender of those Shares, (ii)
payment of the fee of the Trustee for the Surrender of Shares provided in
Section 6.7, and (iii) payment of any applicable taxes or other governmental
charges, be entitled to Delivery, to the Registered Owner or upon the Registered
Owner's order, of the amount of Trust Property represented by those Shares. The
Trustee shall not accept any deposits of Australian Dollars after the date of
termination of this Agreement. If any Shares remain outstanding after the date
of termination of this Agreement, the Trustee thereafter shall discontinue the
registration of transfers of Shares, shall not make any distributions to
Registered Owners, and shall not give any further notices or perform any further
acts under this Agreement, except that the Trustee shall continue to collect
distributions pertaining to Trust Property and hold the same uninvested and
without liability for interest, pay the Trust's expenses and sell Australian
Dollars as necessary to meet those expenses and

                                       46

shall continue to deliver Trust Property, together with any distributions
received with respect thereto and the net proceeds of the sale of any other
property, in exchange for Shares Surrendered to the Trustee (after deducting or
upon payment of, in each case, the fee of the Trustee set forth in 5.7 for the
Surrender of Shares, any expenses for the account of the Registered Owner of
such Shares in accordance with the terms and conditions of this Agreement, and
any applicable taxes or other governmental charges). At any time after the
expiration of 90 days following the date of termination of this Agreement, the
Trustee may sell for Dollars the Trust Property for then held under this
Agreement and may thereafter hold uninvested the net proceeds of any such sale,
together with any other cash then held by it under this Agreement, unsegregated
and without liability for interest, for the pro rata benefit of the Registered
Owners of Shares that have not theretofore been Surrendered, such Registered
Owners thereupon becoming general creditors of the Trustee with respect to such
net proceeds. After making such sale, the Trustee shall be discharged from all
obligations under this Agreement, except to account for such net proceeds and
other cash (after deducting, in each case, any fees, expenses, taxes or other
governmental charges payable by the Trust, the fee of the Trustee for the
Surrender of Shares and any expenses for the account of the Registered Owner of
such Shares in accordance with the terms and conditions of this Agreement, and
any applicable taxes or other governmental charges), and the trust created by
this Agreement shall terminate. Upon the termination of this Agreement, the
Sponsor shall be discharged from all obligations under this Agreement except for
its obligations to the Trustee under Section 6.7 and Section 7.1, each of which
shall survive termination of this Agreement. Section 5.6 and this Section 8.1(e)
shall also survive termination of this Agreement.

                                    ARTICLE 9

                                  MISCELLANEOUS

          Section 9.1 Counterparts.

          This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original and all of such counterparts shall constitute
one and

                                       47

the same instrument. Copies of this Agreement shall be filed with the Trustee
and shall be open to inspection by any Registered Owner during the Trustee's
business hours.

          Section 9.2 Third-Party Beneficiaries.

          This Agreement is for the exclusive benefit of the parties hereto, and
shall not be deemed to give any legal or equitable right, remedy or claim
whatsoever to any other person.

          Section 9.3 Severability.

          In case any one or more of the provisions contained in this Agreement
should be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions of this
Agreement shall in no way be affected, prejudiced or disturbed thereby.

          Section 9.4 Registered Owners, Beneficial Owners and Depositors as
Parties; Binding Effect.

          The Registered Owners, Beneficial Owners and Depositors from time to
time shall be parties to this Agreement and shall be bound by all of the terms
and conditions hereof by their acceptance of Shares or any interest therein or
by their depositing Australian Dollars, as the case may be.

          Section 9.5 Notices.

          (a) All notices given under this Agreement must be in writing.

          (b) Any and all notices to be given to the Trustee or the Sponsor
shall be deemed to have been duly given (i) when it is actually delivered by a
messenger or recognized courier service, (ii) five days after it is mailed by
registered or certified mail, postage paid or (iii) when receipt of a facsimile
transmission is acknowledged via a

                                       48

return receipt or receipt confirmation as requested by the original
transmission, in each case to or at the address set forth below:

          To the Trustee:

          The Bank of New York
          101 Barclay Street, 22-W
          New York, New York 10286
          Attention: ADR Administration
          Facsimile: 212-571-3050

or any other place to which the Trustee may have transferred its Corporate Trust
Office with notice to the Sponsor.

          To the Sponsor:

          Rydex Specialized Products LLC
          c/o Rydex Investments
          9601 Blackwell Road, Suite 500
          Rockville, Maryland 20850
          Attention: Carl G. Verboncoeur, President
          Facsimile: 301-296-5112

or any other place to which the Sponsor may have transferred its principal
office with notice to the Trustee.

          (c) Any and all notices to be given to a Registered Owner shall be
deemed to have been duly given (i) when actually delivered by messenger or a
recognized courier service, (ii) when mailed, postage prepaid or (iii) when sent
by facsimile transmission confirmed by letter, in each case at or to the address
of such Registered Owner as it appears on the transfer books of the Trustee, or,
if such Registered Owner shall have filed with the Trustee a written request
that any notice or communication intended for such Registered Owner be delivered
to some other address, at the address designated in such request.

                                       49

          Section 9.6 Agent for Service; Submission to Jurisdiction.

          The Sponsor hereby (i) irrevocably designates and appoints CT
Corporation, in the State of New York, as the Sponsor's authorized agent upon
which process may be served in any suit or proceeding arising out of or relating
to the Shares, the Trust Property or this Agreement, (ii) consents and submits
to the jurisdiction of any state or federal court in The City of New York, State
of New York, in which any such suit or proceeding may be instituted, and (iii)
agrees that service of process upon said authorized agent shall be deemed in
every respect effective service of process upon the Sponsor in any such suit or
proceeding. The Sponsor agrees to deliver, upon the execution and delivery of
this Agreement, a written acceptance by such agent of its appointment as such
agent. The Sponsor further agrees to take any and all action, including the
filing of any and all such documents and instruments, as may be necessary to
continue such designation and appointment in full force and effect for so long
as any Shares remain outstanding or this Agreement remains in force. In the
event the Sponsor fails to continue such designation and appointment in full
force and effect, the Sponsor hereby waives personal service of process upon it
and consents that any such service of process may be made by certified or
registered mail, return receipt requested, directed to the Sponsor at its
address last specified for notices hereunder, and service so made shall be
deemed completed five (5) days after the same shall have been so mailed.

          Section 9.7 Governing Law.

          This Agreement shall be interpreted under, and all rights and duties
under this Agreement shall be governed by, the laws of the State of New York.

                                       50

          IN WITNESS WHEREOF, RYDEX SPECIALIZED PRODUCTS LLC and THE BANK OF NEW
YORK have duly executed this Agreement as of the day and year first set forth
above.

                                        RYDEX SPECIALIZED PRODUCTS LLC,
                                           as Sponsor

                                        By:
                                            ------------------------------------
                                            Name: Carl G. Verboncoeur
                                            Title: Chief Executive Officer and
                                                   Treasurer

                                        THE BANK OF NEW YORK,
                                           as Trustee

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                       51

                                    EXHIBIT A

                        Form of Deposit Account Agreement

                                        1

                                    EXHIBIT B

                               Form of Certificate

THE SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST
PROPERTY (AS DEFINED IN THE TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE
TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT
GUARANTEED BY THE SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY
AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR ANY OTHER PERSON.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE AGENT
AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                                        2

                            AUSTRALIAN DOLLAR SHARES
                                    ISSUED BY
                     CURRENCYSHARES AUSTRALIAN DOLLAR TRUST
                                  REPRESENTING
    FRACTIONAL INTERESTS IN DEPOSITED AUSTRALIAN DOLLARS AND ANY OTHER TRUST
                                    PROPERTY

                        THE BANK OF NEW YORK, as Trustee

No.____                                                                 * Shares

                                                             CUSIP: ____________

     THE BANK OF NEW YORK, as Trustee (hereinafter called the Trustee), hereby
certifies that CEDE & CO., as nominee of the Depository Trust Company, or
registered assigns, IS THE OWNER OF * Shares issued by CurrencyShares Australian
Dollar Trust, each representing a fractional undivided interest in the net
assets of the Trust, as provided in the Agreement referred to below. At the time
of delivery of the Agreement, each 50,000 Shares represented an interest in
5,000,000 Australian Dollars that are deposited under the Agreement and held by
the Depository referred to in the Agreement. The amount of Australian Dollars in
which each 50,000 Shares represents an interest may change from time to time as
provided in the Agreement. The Trustee's Corporate Trust Office is located at a
different address than its principal executive office. Its Corporate Trust
Office is located at 101 Barclay Street, New York, New York 10286, and its
principal executive office is located at One Wall Street, New York, New York
10286.

     This Certificate is issued upon the terms and conditions set forth in the
Trust Agreement dated as of _________, 2006 (the "Agreement") among Rydex
Specialized Products LLC d/b/a "Rydex Investments" (herein called the Sponsor),
the Trustee, all Registered Owners and Beneficial Owners from time to time of
Shares issued thereunder and all Depositors. By becoming a Registered Owner or
Beneficial Owner, or by depositing Australian Dollars, a Person becomes a party
to the Agreement and is bound by all the terms and conditions of the Agreement.
The Agreement sets forth the rights of Depositors and Registered Owners and the
rights and duties of the Trustee and the Sponsor. Copies of the Agreement are on
file at the Trustee's Corporate Trust Office in New York City.

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*    That number of Shares held at The Depository Trust Company at any given
     point in time.

                                        3

     The Agreement is hereby incorporated by reference into and made a part of
this Certificate as if set forth in full in this place. Capitalized terms not
defined herein shall have the meanings set forth in the Agreement.

     This Certificate shall not be entitled to any benefits under the Agreement
or be valid or obligatory for any purpose unless it is executed by the Trustee
by the manual or facsimile signature of a duly authorized signatory of the
Trustee and, if a Registrar (other than the Trustee) for the Shares shall have
been appointed, countersigned by the manual signature of a duly authorized
officer of the Registrar.

Dated: ______________                   THE BANK OF NEW YORK,
                                           as Trustee

                                        By:
                                            ------------------------------------
                                        Its:
                                             -----------------------------------

                 THE TRUSTEE'S CORPORATE TRUST OFFICE ADDRESS IS
                  101 BARCLAY STREET, NEW YORK, NEW YORK 10286

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